0001442055-18-000001.txt : 20180108 0001442055-18-000001.hdr.sgml : 20180108 20180108133346 ACCESSION NUMBER: 0001442055-18-000001 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180108 DATE AS OF CHANGE: 20180108 EFFECTIVENESS DATE: 20180108 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: 18515808 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 false false 0001442056 XXXXXXXX 12-31-2017 12-31-2017 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F COMBINATION REPORT 028-13334 028-06487 First Trust Advisors L.P. N Joseph John Hanzlik 3144529050 Joseph John Hanzlik Saint Louis MO 01-08-2018 1 296 5476169 false 1 028-06487 First Trust Advisors L.P. INFORMATION TABLE 2 inftable.xml 13F iShares iBonds Dec 2022 AMT-F COM 46435G755 6567 255781 SH SOLE 255781 0 0 3M Company COM 88579Y101 114226 485303 SH SOLE 485303 0 0 Abbott Laboratories COM 002824100 305 5338 SH SOLE 5338 0 0 Accenture PLC COM G1151C101 17485 114217 SH SOLE 114217 0 0 Air Products & Chemicals Inc. COM 009158106 16011 97580 SH SOLE 97580 0 0 Alcentra Capital Corporation COM 01374T102 377 44882 SH SOLE 44882 0 0 Alcentra Capital Corporation COM 01374T102 1450 172787 SH DFND 01 0 172787 0 Alcoa Corporation COM 013872106 376 6989 SH SOLE 6989 0 0 Allergan Inc. COM G0177J108 55639 340131 SH SOLE 340131 0 0 Allied Motion Technologies Inc COM 019330109 755 22806 SH SOLE 22806 0 0 Alphabet Inc. - Class A COM 02079K305 3287 3120 SH SOLE 3120 0 0 Alphabet Inc. - Class C COM 02079K107 29295 27996 SH SOLE 27996 0 0 American Express Company COM 025816109 49198 495399 SH SOLE 495399 0 0 American International Group I COM 026874784 65932 1106608 SH SOLE 1106608 0 0 Analog Devices Inc. COM 032654105 42422 476489 SH SOLE 476489 0 0 Annaly Capital Management Inc. COM 035710409 56 4674 SH SOLE 4674 0 0 Annaly Capital Management Inc. COM 035710409 5728 481782 SH DFND 01 0 481782 0 Apollo Investment Corp. COM 03761U106 1134 200333 SH SOLE 200333 0 0 Apollo Investment Corp. COM 03761U106 3119 551102 SH DFND 01 0 551102 0 Ares Capital Corp. COM 04010L103 68258 4342117 SH SOLE 4342117 0 0 Ares Capital Corp. COM 04010L103 12614 802412 SH DFND 01 0 802412 0 Axalta Coating Systems LTD COM G0750C108 74261 2294824 SH SOLE 2294824 0 0 Bank of America Corp. COM 060505104 244 8275 SH SOLE 8275 0 0 Bank of Marin (CA) COM 063425102 4111 60458 SH SOLE 60458 0 0 Bank of Marin (CA) COM 063425102 540 7934 SH DFND 01 0 7934 0 Barclays 20 Plus Year Treasury COM 464287432 16258 128155 SH SOLE 128155 0 0 Barclays Aggregate Bond Fund - COM 464287226 338 3091 SH SOLE 3091 0 0 Barclays Capital High Yield Bo COM 78464A417 2455 66866 SH SOLE 66866 0 0 Becton Dickinson and Company COM 075887109 18015 84160 SH SOLE 84160 0 0 Belo Sun Mining Corp Com NPV COM 080558109 72 226104 SH SOLE 226104 0 0 Berkshire Hathaway Inc. - B COM 084670702 36639 184840 SH SOLE 184840 0 0 Berkshire Hathaway Inc. - Clas COM 084670108 1488 5 SH SOLE 5 0 0 Black Knight Inc COM 09215C105 90652 2053282 SH SOLE 2053282 0 0 Broadridge Financial Solutions COM 11133T103 89342 986328 SH SOLE 986328 0 0 Brown & Brown Inc. COM 115236101 25112 487996 SH SOLE 487996 0 0 Brown & Brown Inc. COM 115236101 501 9745 SH DFND 01 0 9745 0 C.H. Robinson Worldwide Inc. COM 12541W209 39736 446018 SH SOLE 446018 0 0 Cameco Corp. COM 13321L108 141 15295 SH SOLE 15295 0 0 Capstead Mortgage Corp. COM 14067E506 22 2562 SH SOLE 2562 0 0 Capstead Mortgage Corp. COM 14067E506 939 108500 SH DFND 01 0 108500 0 Chevron Corp. COM 166764100 112312 897131 SH SOLE 897131 0 0 Chubb Limited COM H1467J104 108860 744952 SH SOLE 744952 0 0 Cimarex Energy Co. COM 171798101 249 2040 SH SOLE 2040 0 0 CM Finance Inc. COM 12574Q103 565 69293 SH SOLE 69293 0 0 CM Finance Inc. COM 12574Q103 1062 130340 SH DFND 01 0 130340 0 Colgate-Palmolive Co. COM 194162103 101856 1349974 SH SOLE 1349974 0 0 Colony Northstar Inc COM 19625W104 67337 5901611 SH SOLE 5901611 0 0 Commerce Bancshares Inc. COM 200525103 16807 300985 SH SOLE 300985 0 0 Compagnie Financiere Richemont COM 204319107 72057 7952415 SH SOLE 7952415 0 0 Consumer Discret Select Sector COM 81369Y407 4541 46011 SH SOLE 46011 0 0 Consumer Staples Select Sector COM 81369Y308 1223 21501 SH SOLE 21501 0 0 Corporate Capital Trust Inc COM 219880101 1062 66470 SH SOLE 66470 0 0 Corporate Capital Trust Inc COM 219880101 160 10000 SH DFND 01 0 10000 0 Costco Wholesale Corporation COM 22160K105 244 1310 SH SOLE 1310 0 0 Cullen Frost Bankers Inc. COM 229899109 13468 142297 SH SOLE 142297 0 0 Culp Inc. COM 230215105 3856 115094 SH SOLE 115094 0 0 Culp Inc. COM 230215105 583 17398 SH DFND 01 0 17398 0 CYS Investments Inc COM 12673A108 22 2792 SH SOLE 2792 0 0 CYS Investments Inc COM 12673A108 7463 929380 SH DFND 01 0 929380 0 Diageo (Adr 1:4) COM 25243Q205 137253 939893 SH SOLE 939893 0 0 Digital Realty Trust Inc. COM 253868103 47511 417129 SH SOLE 417129 0 0 Discovery Communications Inc. COM 25470F302 46559 2199277 SH SOLE 2199277 0 0 Donaldson Inc. COM 257651109 17165 350661 SH SOLE 350661 0 0 Dow Jones U.S. Select Dividend COM 464288448 278 8242 SH SOLE 8242 0 0 Dow Jones US Financial Sector COM 464287788 5470 45801 SH SOLE 45801 0 0 Dow Jones US Technology - iSha COM 464287721 8296 50971 SH SOLE 50971 0 0 DowDuPont Inc COM 26078J100 109005 1530544 SH SOLE 1530544 0 0 Eli Lilly & Co. COM 532457108 207 2449 SH SOLE 2449 0 0 Energy Select Sector - SPDR COM 81369Y506 3407 47144 SH SOLE 47144 0 0 EOG Resources COM 26875P101 363 3361 SH SOLE 3361 0 0 ETFS Physical Platinum COM 26922v101 329 3718 SH SOLE 3718 0 0 European ETF - Vanguard COM 922042874 4720 79797 SH SOLE 79797 0 0 Expeditors International of Wa COM 302130109 14527 224565 SH SOLE 224565 0 0 Exponent Inc. COM 30214U102 1227 17255 SH SOLE 17255 0 0 Exponent Inc. COM 30214U102 156 2198 SH DFND 01 0 2198 0 Exxon Mobil Corp. COM 30231G102 13692 163701 SH SOLE 163701 0 0 Fastenal Co. COM 311900104 131948 2412655 SH SOLE 2412655 0 0 Fidelity National Financial In COM 31620R303 87691 2234732 SH SOLE 2234732 0 0 First Majestic Silver Corp. COM 32076V103 109 16186 SH SOLE 16186 0 0 Fortuna Silver Mines Inc COM 349915108 113 21672 SH SOLE 21672 0 0 Forward Air Corp. COM 349853101 4013 69872 SH SOLE 69872 0 0 Forward Air Corp. COM 349853101 576 10022 SH DFND 01 0 10022 0 Franco-Nevada Corp. COM 351858105 343 4287 SH SOLE 4287 0 0 Franklin Electric Co. Inc. COM 353514102 2616 56988 SH SOLE 56988 0 0 Franklin Electric Co. Inc. COM 353514102 353 7697 SH DFND 01 0 7697 0 Franklin Street Properties Cor COM 35471R106 859 80000 SH SOLE 80000 0 0 FS Investment Corp. COM 302635107 1489 202575 SH SOLE 202575 0 0 FS Investment Corp. COM 302635107 2281 310300 SH DFND 01 0 310300 0 Gartner Inc COM 366651107 969 7865 SH SOLE 7865 0 0 Gartner Inc COM 366651107 157 1272 SH DFND 01 0 1272 0 General Dynamics Corp. COM 369550108 16043 78856 SH SOLE 78856 0 0 General Electric Company COM 369604103 48333 2769790 SH SOLE 2769790 0 0 Gladstone Investment Corp. COM 376546107 328 29360 SH DFND 01 0 29360 0 GlaxoSmithKline Plc (Adr 1:2) COM 37733W105 57649 1625293 SH SOLE 1625293 0 0 Goldman Sachs BDC Inc. COM 38147U107 2651 119511 SH SOLE 119511 0 0 Goldman Sachs BDC Inc. COM 38147U107 1177 53063 SH DFND 01 0 53063 0 Golub Capital BDC Inc. COM 38173M102 4429 243356 SH SOLE 243356 0 0 Golub Capital BDC Inc. COM 38173M102 7912 434730 SH DFND 01 0 434730 0 Graco Inc. COM 384109104 105638 2336101 SH SOLE 2336101 0 0 Graco Inc. COM 384109104 509 11250 SH DFND 01 0 11250 0 Guggenheim BulletShares Corpor COM 18383M522 5777 273940 SH SOLE 273940 0 0 Guggenheim BulletShares Invest COM 18383M514 5778 271401 SH SOLE 271401 0 0 Guggenheim BulletShares Invest COM 18383M266 5777 273387 SH SOLE 273387 0 0 Guggenheim BulletShares Invest COM 18383M258 5798 273860 SH SOLE 273860 0 0 Guggenheim BulletShares Invest COM 18383M233 17511 838263 SH SOLE 838263 0 0 Guggenheim BulletShares Invest COM 18383M191 3891 187983 SH SOLE 187983 0 0 Halyard Health Inc. COM 40650V100 4187 90669 SH SOLE 90669 0 0 Halyard Health Inc. COM 40650V100 617 13364 SH DFND 01 0 13364 0 Harvest Capital Credit Corp COM 41753F109 183 16699 SH DFND 01 0 16699 0 Health Care Select Sector - SP COM 81369Y209 6468 78226 SH SOLE 78226 0 0 Hercules Technology Growth Cap COM 427096508 3044 232022 SH SOLE 232022 0 0 Hercules Technology Growth Cap COM 427096508 7539 574598 SH DFND 01 0 574598 0 High Yield Corporate Bond Fund COM 464288513 2457 28158 SH SOLE 28158 0 0 Hilton Worldwide Holdings Inc. COM 43300A203 4334 54268 SH SOLE 54268 0 0 Home Depot Inc. COM 437076102 22676 119643 SH SOLE 119643 0 0 Illinois Tool Works Inc. COM 452308109 45427 272261 SH SOLE 272261 0 0 Industrial Select Sector - SPD COM 81369Y704 5171 68330 SH SOLE 68330 0 0 Innophos Holdings Inc COM 45774N108 3873 82886 SH SOLE 82886 0 0 Innophos Holdings Inc COM 45774N108 640 13690 SH DFND 01 0 13690 0 Iron Mountain COM 46284V101 91737 2431402 SH SOLE 2431402 0 0 iShares 7-10 Year Treasury Bon COM 464287440 33218 314650 SH SOLE 314650 0 0 iShares Barclays 1-3 Year Inve COM 464288646 1320 12628 SH SOLE 12628 0 0 iShares Core US Values - ETF COM 464287663 6813 122980 SH SOLE 122980 0 0 iShares Corporate Bond ETF 202 COM 46432FAZ0 13495 510118 SH SOLE 510118 0 0 iShares Corporate ex Financial COM 46432FAK3 9606 391747 SH SOLE 391747 0 0 iShares Corporate ex Financial COM 46432FAN7 19174 789997 SH SOLE 789997 0 0 iShares Corporate iBonds ETF 2 COM 46435GAA0 15583 635019 SH SOLE 635019 0 0 iShares Floating Rate Note Fun COM 46429B655 242 4755 SH SOLE 4755 0 0 iShares Gold Trust COM 464285105 1054 84245 SH SOLE 84245 0 0 iShares iBonds Dec 2021 AMT-Fr COM 46435G789 6648 261525 SH SOLE 261525 0 0 iShares iBonds Sep 2019 Amt Fr COM 46429B564 3124 123389 SH SOLE 123389 0 0 iShares iBonds Sep 2020 Amt Fr COM 46434V571 4388 173027 SH SOLE 173027 0 0 iShares iBoxx Corporate Bond E COM 464287242 4494 36969 SH SOLE 36969 0 0 iShares Interm. Term Corporate COM 464288638 8775 80348 SH SOLE 80348 0 0 iShares MBS Bond ETF COM 464288588 19942 187090 SH SOLE 187090 0 0 iShares MSCI ACWI EX US ETF COM 464288240 6371 127543 SH SOLE 127543 0 0 iShares MSCI Emerging Markets COM 464286475 493 9287 SH SOLE 9287 0 0 iShares Muni Bond 2023 COM 46435G318 1328 52643 SH SOLE 52643 0 0 iShares National AMT-Free Muni COM 464288414 5259 47489 SH SOLE 47489 0 0 iShares Residential Real Estat COM 464288562 3399 54613 SH SOLE 54613 0 0 John Bean Technologies Corp. COM 477839104 2608 23541 SH SOLE 23541 0 0 John Bean Technologies Corp. COM 477839104 381 3436 SH DFND 01 0 3436 0 Johnson & Johnson COM 478160104 142104 1017060 SH SOLE 1017060 0 0 JP Morgan Chase & Company COM 46625H100 751 7018 SH SOLE 7018 0 0 KCAP Financial Inc COM 48668E101 1161 340472 SH DFND 01 0 340472 0 Kemper Corp. COM 488401100 308 4470 SH SOLE 4470 0 0 Kimberly-Clark Corporation COM 494368103 234 1938 SH SOLE 1938 0 0 Kinder Morgan Inc. COM 49456B101 78815 4361675 SH SOLE 4361675 0 0 Kraft Heinz Co. COM 500754106 83371 1072154 SH SOLE 1072154 0 0 Lockheed Martin Corp COM 539830109 17356 54059 SH SOLE 54059 0 0 Lowe's Companies Inc. COM 548661107 31717 341266 SH SOLE 341266 0 0 Luxoft Holding Inc COM G57279104 4203 75457 SH SOLE 75457 0 0 Luxoft Holding Inc COM G57279104 650 11676 SH DFND 01 0 11676 0 M&T Bank Corp. COM 55261F104 16957 99170 SH SOLE 99170 0 0 Main Street Capital Corp. COM 56035L104 1719 43266 SH SOLE 43266 0 0 Main Street Capital Corp. COM 56035L104 1951 49107 SH DFND 01 0 49107 0 Manatuck Hill Mariner Offshore COM 562996983 330 2479 SH SOLE 2479 0 0 Markel Corp. COM 570535104 80027 70253 SH SOLE 70253 0 0 Market Vectors Int Muni Index COM 92189F544 228 9466 SH SOLE 9466 0 0 Martin Marietta Materials Inc. COM 573284106 97144 439487 SH SOLE 439487 0 0 Mastercard Inc. - A COM 57636Q104 56965 376357 SH SOLE 376357 0 0 Materials Select Sector - SPDR COM 81369Y100 2106 34790 SH SOLE 34790 0 0 McDonald's Corp. COM 580135101 18510 107543 SH SOLE 107543 0 0 MDU Resources Group Inc. COM 552690109 15161 564020 SH SOLE 564020 0 0 Medley Capital Corp. COM 58503F106 3063 586714 SH DFND 01 0 586714 0 Medtronic COM G5960L103 16183 200406 SH SOLE 200406 0 0 Microsoft Corp. COM 594918104 124172 1451623 SH SOLE 1451623 0 0 Monotype Imaging Holdings Inc. COM 61022P100 4248 176280 SH SOLE 176280 0 0 Monotype Imaging Holdings Inc. COM 61022P100 650 26964 SH DFND 01 0 26964 0 Morningstar Inc. COM 617700109 13017 134242 SH SOLE 134242 0 0 Morningstar Inc. COM 617700109 668 6892 SH DFND 01 0 6892 0 Movado Group Inc. COM 624580106 4490 139450 SH SOLE 139450 0 0 Movado Group Inc. COM 624580106 617 19174 SH DFND 01 0 19174 0 MSC Industrial Direct Co. Inc. COM 553530106 46416 480203 SH SOLE 480203 0 0 MTS Systems Corp. COM 553777103 19664 366176 SH SOLE 366176 0 0 MTS Systems Corp. COM 553777103 602 11204 SH DFND 01 0 11204 0 Natus Medical Inc. COM 639050103 38442 1006323 SH SOLE 1006323 0 0 Natus Medical Inc. COM 639050103 602 15769 SH DFND 01 0 15769 0 Nestle SA COM 641069406 15111 175721 SH SOLE 175721 0 0 New Jersey Resources Corp. COM 646025106 15467 384752 SH SOLE 384752 0 0 New Mountain Finance Corp. COM 647551100 4632 341867 SH SOLE 341867 0 0 New Mountain Finance Corp. COM 647551100 7826 577564 SH DFND 01 0 577564 0 Nike Inc. - B COM 654106103 14536 232394 SH SOLE 232394 0 0 Nordstrom Inc. COM 655664100 12280 259171 SH SOLE 259171 0 0 Northern Trust Corporation COM 665859104 115713 1158408 SH SOLE 1158408 0 0 Novartis AG - ADR COM 66987V109 13740 163650 SH SOLE 163650 0 0 NXP Semiconductors N.V. COM N6596X109 41405 353619 SH SOLE 353619 0 0 Oaktree Specialty Lending Corp COM 67401P108 1520 310827 SH SOLE 310827 0 0 OFS Capital Corp. COM 67103B100 2836 238293 SH SOLE 238293 0 0 OFS Capital Corp. COM 67103B100 2405 202084 SH DFND 01 0 202084 0 Patterson Companies Inc. COM 703395103 8632 238926 SH SOLE 238926 0 0 Patterson Companies Inc. COM 703395103 417 11555 SH DFND 01 0 11555 0 Paychex Inc. COM 704326107 118173 1735799 SH SOLE 1735799 0 0 PennantPark Floating Rate Capi COM 70806A106 1227 89440 SH SOLE 89440 0 0 PennantPark Floating Rate Capi COM 70806A106 1134 82645 SH DFND 01 0 82645 0 PennantPark Investment Corp. COM 708062104 1142 165231 SH SOLE 165231 0 0 PennantPark Investment Corp. COM 708062104 5218 755081 SH DFND 01 0 755081 0 Pepsico Inc. COM 713448108 138418 1154250 SH SOLE 1154250 0 0 Pfizer Inc. COM 717081103 87064 2403747 SH SOLE 2403747 0 0 Pimco Enhanced Short Maturity COM 72201R833 241 2375 SH SOLE 2375 0 0 Pioneer Natural Resources Co. COM 723787107 249 1443 SH SOLE 1443 0 0 Polaris Industries COM 731068102 133695 1078274 SH SOLE 1078274 0 0 Potbelly Corp. COM 73754Y100 3348 272198 SH SOLE 272198 0 0 Potbelly Corp. COM 73754Y100 555 45153 SH DFND 01 0 45153 0 Potlatch Corp. COM 737630103 239 4798 SH SOLE 4798 0 0 Praxair Inc. COM 74005P104 115547 747005 SH SOLE 747005 0 0 Procter & Gamble Company COM 742718109 15027 163550 SH SOLE 163550 0 0 Progressive Corp. COM 743315103 112211 1992387 SH SOLE 1992387 0 0 Raven Industries Inc. COM 754212108 4344 126461 SH SOLE 126461 0 0 Raven Industries Inc. COM 754212108 460 13405 SH DFND 01 0 13405 0 Rayonier Inc. COM 754907103 95222 3010489 SH SOLE 3010489 0 0 Rayonier Inc. COM 754907103 610 19288 SH DFND 01 0 19288 0 RBC Bearings Incorporated COM 75524B104 2598 20555 SH SOLE 20555 0 0 RBC Bearings Incorporated COM 75524B104 503 3976 SH DFND 01 0 3976 0 RE/MAX Holdings Inc. COM 75524W108 3954 81527 SH SOLE 81527 0 0 RE/MAX Holdings Inc. COM 75524W108 528 10893 SH DFND 01 0 10893 0 REIT Index - Vanguard COM 922908553 1061 12788 SH SOLE 12788 0 0 RMR Group Inc COM 74967R106 1477 24899 SH SOLE 24899 0 0 RMR Group Inc COM 74967R106 103 1740 SH DFND 01 0 1740 0 Royal Gold, Inc. COM 780287108 326 3975 SH SOLE 3975 0 0 RSP Permian, Inc. COM 74978Q105 252 6198 SH SOLE 6198 0 0 Russell 1000 Value Index - iSh COM 464287598 3403 27371 SH SOLE 27371 0 0 Russell 2000 Growth Index - iS COM 464287648 360 1926 SH SOLE 1926 0 0 Russell 2000 Value Index - iSh COM 464287630 500 3977 SH SOLE 3977 0 0 S&P 500 - SPDR COM 78462F103 3968 14868 SH SOLE 14868 0 0 S&P 500 Growth Index - iShares COM 464287309 604 3953 SH SOLE 3953 0 0 S&P 500 Index Fund - iShares COM 464287200 745 2771 SH SOLE 2771 0 0 S&P 500 Value Index - iShares COM 464287408 677 5928 SH SOLE 5928 0 0 S&P MidCap 400 Growth Index Fu COM 464287606 8762 40597 SH SOLE 40597 0 0 S&P MidCap 400 Value Index Fun COM 464287705 8616 53812 SH SOLE 53812 0 0 S&P SmallCap 600 Growth Index COM 464287887 7101 41735 SH SOLE 41735 0 0 S&P SmallCap 600 Index Fund - COM 464287804 279 3627 SH SOLE 3627 0 0 S&P SmallCap 600 Value Index F COM 464287879 7174 46718 SH SOLE 46718 0 0 Sabina Gold & Silver Co NPV COM 785246109 202 111764 SH SOLE 111764 0 0 Schlumberger Ltd. COM 806857108 36436 540669 SH SOLE 540669 0 0 Seabridge Gold Inc. COM 811916105 183 16206 SH SOLE 16206 0 0 SEI Investments Company COM 784117103 19906 277012 SH SOLE 277012 0 0 Silver Trust - iShares COM 46428Q109 195 12221 SH SOLE 12221 0 0 Snyder's-Lance Inc. COM 833551104 3979 79453 SH SOLE 79453 0 0 Snyder's-Lance Inc. COM 833551104 696 13891 SH DFND 01 0 13891 0 Solar Capital Ltd. COM 83413U100 3916 193741 SH SOLE 193741 0 0 Solar Capital Ltd. COM 83413U100 5976 295709 SH DFND 01 0 295709 0 Solar Senior Capital Ltd. COM 83416M105 985 55437 SH SOLE 55437 0 0 Solar Senior Capital Ltd. COM 83416M105 426 24013 SH DFND 01 0 24013 0 Southern Company COM 842587107 98596 2050249 SH SOLE 2050249 0 0 Southwestern Energy Co. COM 845467109 176 31558 SH SOLE 31558 0 0 SPDR Barclays Intermediate Ter COM 78464A672 1993 33550 SH SOLE 33550 0 0 SPDR Nuveen Barclays Capital M COM 78468R721 9442 192808 SH SOLE 192808 0 0 SPDR Nuveen Barclays Capital S COM 78468R739 381 7952 SH SOLE 7952 0 0 SPDR Portfolio Intermediate Te COM 78464A375 15450 451494 SH SOLE 451494 0 0 SPDR Portfolio World Ex US ETF COM 78463X889 3627 114415 SH SOLE 114415 0 0 SPDR S&P MidCap 400 ETF Trust COM 78467Y107 209 606 SH SOLE 606 0 0 Starbucks Corporation COM 855244109 42047 732138 SH SOLE 732138 0 0 Stellus Capital Investment COM 858568108 2813 214100 SH SOLE 214100 0 0 Stellus Capital Investment COM 858568108 4469 340126 SH DFND 01 0 340126 0 Stryker Corp. COM 863667101 85654 553175 SH SOLE 553175 0 0 T. Rowe Price Group Inc. COM 74144T108 18682 178042 SH SOLE 178042 0 0 TCP Capital Corp. COM 87238Q103 3773 246925 SH SOLE 246925 0 0 TCP Capital Corp. COM 87238Q103 7668 501863 SH DFND 01 0 501863 0 Techne Corp. COM 09073M104 3673 28348 SH SOLE 28348 0 0 Techne Corp. COM 09073M104 457 3527 SH DFND 01 0 3527 0 The Boston Beer Company Inc. COM 100557107 4392 22985 SH SOLE 22985 0 0 The Boston Beer Company Inc. COM 100557107 816 4272 SH DFND 01 0 4272 0 The Clorox Company COM 189054109 17160 115366 SH SOLE 115366 0 0 The Coca-Cola Company COM 191216100 464 10123 SH SOLE 10123 0 0 Thermo Fisher Scientific Inc. COM 883556102 34932 183968 SH SOLE 183968 0 0 Thermon Group Holdings Inc. COM 88362T103 4747 200536 SH SOLE 200536 0 0 Thermon Group Holdings Inc. COM 88362T103 702 29638 SH DFND 01 0 29638 0 THL Credit, Inc. COM 872438106 2610 288360 SH SOLE 288360 0 0 THL Credit, Inc. COM 872438106 6766 747618 SH DFND 01 0 747618 0 TJX Companies COM 872540109 46198 604212 SH SOLE 604212 0 0 TPG Specialty Lending, Inc. COM 87265K102 3049 153967 SH SOLE 153967 0 0 TPG Specialty Lending, Inc. COM 87265K102 4094 206751 SH DFND 01 0 206751 0 Triangle Capital Corp. COM 895848109 584 61541 SH SOLE 61541 0 0 Triangle Capital Corp. COM 895848109 3099 326594 SH DFND 01 0 326594 0 TriplePoint Venture Growth BDC COM 89677Y100 2845 224213 SH SOLE 224213 0 0 TriplePoint Venture Growth BDC COM 89677Y100 6013 473845 SH DFND 01 0 473845 0 United Technologies Corp. COM 913017109 37732 295779 SH SOLE 295779 0 0 US Bancorp COM 902973304 287 5365 SH SOLE 5365 0 0 VanEck Vectors BDC Income ETF COM 92189F411 175 10517 SH SOLE 10517 0 0 VanEck Vectors Long Municipal COM 92189F536 9681 476184 SH SOLE 476184 0 0 Vanguard Long Term Corporate B COM 92206C813 3035 31692 SH SOLE 31692 0 0 Vanguard MSCI Emerging Markets COM 922042858 7189 156594 SH SOLE 156594 0 0 Vanguard Total Stock Market COM 922908769 330 2402 SH SOLE 2402 0 0 Varex Imaging Corp COM 92214x106 2885 71808 SH SOLE 71808 0 0 Varex Imaging Corp COM 92214x106 411 10221 SH DFND 01 0 10221 0 Varian Medical Systems Inc. COM 92220P105 5783 52028 SH SOLE 52028 0 0 Veritex Holdings COM 923451108 3642 132009 SH SOLE 132009 0 0 Veritex Holdings COM 923451108 590 21369 SH DFND 01 0 21369 0 Visa, Inc. - A COM 92826C839 737 6465 SH SOLE 6465 0 0 Vulcan Materials Co. COM 929160109 264 2056 SH SOLE 2056 0 0 W.R. Berkley Corp. COM 084423102 33297 464713 SH SOLE 464713 0 0 Wells Fargo & Company COM 949746101 259 4275 SH SOLE 4275 0 0 Weyerhaeuser Co. COM 962166104 82623 2343260 SH SOLE 2343260 0 0 Wheaton Precious Metals Corp COM 962879102 298 13483 SH SOLE 13483 0 0 WisdomTree LargeCap Dividend F COM 97717W307 460 4995 SH SOLE 4995 0 0