CONFLUENCE INVESTMENT MANAGEMENT LLC Form 13F-HR Filed 2022-04-04

No.	Form 13F File Number	Name	CIK
1	028-06487	First Trust Advisors LP

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	July 31, 2015
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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	86,886	583,599	SH		SOLE		579,510	0	4,090
Accenture PLC	COM	G1151C101	1,403	4,160	SH		SOLE		4,056	0	104
Agnico Eagle Mines Limited	COM	008474108	1,022	16,682	SH		SOLE		16,328	0	354
AIA Group Limited	COM	001317205	246	5,870	SH		SOLE		5,870	0	0
Air Products & Chemicals Incor	COM	009158106	18,592	74,393	SH		SOLE		74,066	0	327
Albemarle Corporation	COM	012653101	276	1,246	SH		SOLE		1,237	0	9
Alcoa Corporation	COM	013872106	526	5,842	SH		SOLE		5,799	0	43
Alibaba Group Holding Limited	COM	01609W102	224	2,060	SH		SOLE		2,060	0	0
Allied Motion Technologies Inc	COM	019330109	4,968	166,494	SH		SOLE		165,447	0	1,047
Allied Motion Technologies Inc	COM	019330109	1,365	45,757	SH		DFND	01	0	45,757	0
Alphabet Incorporated - A	COM	02079K305	495	178	SH		SOLE		178	0	0
Alphabet Incorporated - C	COM	02079K107	74,317	26,608	SH		SOLE		26,535	0	73
Amazon.com Incorporated	COM	023135106	218	67	SH		SOLE		67	0	0
American Capital Agency Corpor	COM	00123q104	28	2,146	SH		SOLE		2,146	0	0
American Capital Agency Corpor	COM	00123q104	1,441	110,000	SH		DFND	01	0	110,000	0
American Express Company	COM	025816109	449	2,400	SH		SOLE		2,400	0	0
American Outdoor Brands Incorp	COM	02875D109	2,829	215,448	SH		SOLE		214,362	0	1,086
American Outdoor Brands Incorp	COM	02875D109	666	50,705	SH		DFND	01	0	50,705	0
American Water Works Company	COM	030420103	21,147	127,752	SH		SOLE		127,241	0	511
Analog Devices Incorporated	COM	032654105	116,365	704,475	SH		SOLE		699,535	0	4,941
Annaly Capital Management Inco	COM	035710409	18	2,597	SH		SOLE		2,597	0	0
Annaly Capital Management Inco	COM	035710409	1,162	165,000	SH		DFND	01	0	165,000	0
Apple Incorporated	COM	037833100	472	2,702	SH		SOLE		2,702	0	0
Aptiv PLC	COM	G6095L109	750	6,261	SH		SOLE		6,061	0	200
Ares Capital Corporation	COM	04010L103	85,776	4,094,333	SH		SOLE		4,065,769	0	28,563
Ares Capital Corporation	COM	04010L103	5,237	250,000	SH		DFND	01	0	250,000	0
Axalta Coating Systems Limited	COM	G0750C108	8,821	358,888	SH		SOLE		357,222	0	1,666
Baidu Incorporated ADS	COM	056752108	207	1,562	SH		SOLE		1,562	0	0
Bank of Marin (CA)	COM	063425102	4,111	117,230	SH		SOLE		116,629	0	601
Bank of Marin (CA)	COM	063425102	1,049	29,918	SH		DFND	01	0	29,918	0
Barings BDC Incorporated	COM	06759l103	1,467	141,838	SH		SOLE		141,838	0	0
Barings BDC Incorporated	COM	06759l103	3,896	376,747	SH		DFND	01	0	376,747	0
Barrick Gold Corporation	COM	067901108	399	16,258	SH		SOLE		16,137	0	121
Becton Dickinson and Company	COM	075887109	19,281	72,487	SH		SOLE		72,182	0	305
Berkshire Hathaway Incorporate	COM	084670108	2,645	5	SH		SOLE		5	0	0
Berkshire Hathaway Incorporate	COM	084670702	72,557	205,595	SH		SOLE		204,991	0	604
Berkshire Hathaway Incorporate	COM	084670702	1,588	4,500	SH		DFND	01	0	4,500	0
Black Knight Incorporated	COM	09215C105	10,556	182,028	SH		SOLE		181,358	0	670
Blackstone Secured Lending Fun	COM	09261X102	747	26,793	SH		SOLE		26,793	0	0
Blackstone Secured Lending Fun	COM	09261X102	2,495	89,500	SH		DFND	01	0	89,500	0
BNP Paribas	COM	05565A202	719	25,215	SH		SOLE		24,506	0	709
Booking Holdings Incorporated	COM	09857L108	54,355	23,145	SH		SOLE		23,061	0	84
Broadridge Financial Solutions	COM	11133T103	124,734	801,068	SH		SOLE		795,564	0	5,504
Brookfield Asset Management In	COM	112585104	67,989	1,201,860	SH		SOLE		1,197,951	0	3,909
Brookfield Infrastructure	COM	11275Q107	130,323	1,727,510	SH		SOLE		1,715,148	0	12,362
Brown & Brown Incorporated	COM	115236101	46,122	638,191	SH		SOLE		635,515	0	2,675
Brown & Brown Incorporated	COM	115236101	1,297	17,940	SH		DFND	01	0	17,940	0
BRP Group	COM	05589g102	14,930	556,450	SH		SOLE		552,604	0	3,846
BRP Group	COM	05589g102	1,003	37,401	SH		DFND	01	0	37,401	0
CAE Incorporated	COM	124765108	625	23,956	SH		SOLE		23,196	0	760
Cameco Corporation	COM	13321L108	477	16,378	SH		SOLE		16,266	0	112
Cannae Holdings Incorporated	COM	13765N107	16,749	700,206	SH		SOLE		696,489	0	3,717
Cannae Holdings Incorporated	COM	13765N107	1,157	48,376	SH		DFND	01	0	48,376	0
Capital Southwest Corporation	COM	140501107	868	36,591	SH		SOLE		36,591	0	0
Capital Southwest Corporation	COM	140501107	1,685	71,000	SH		DFND	01	0	71,000	0
Cerner Corporation	COM	156782104	40,438	432,219	SH		SOLE		431,396	0	823
CF Industries Holdings Incorpo	COM	125269100	252	2,443	SH		SOLE		2,425	0	18
Charles Schwab	COM	808513105	22,136	262,558	SH		SOLE		261,484	0	1,074
Chesapeake Energy Corporation	COM	165167735	417	4,796	SH		SOLE		4,761	0	35
Chevron Corporation	COM	166764100	132,231	812,077	SH		SOLE		806,744	0	5,333
China Petroleum & Chemical Com	COM	16941R108	224	4,525	SH		SOLE		4,525	0	0
China Southern Airlines Compan	COM	169409109	288	9,919	SH		SOLE		9,919	0	0
Chubb Corporation	COM	H1467J104	149,153	697,304	SH		SOLE		692,042	0	5,262
Cia Brasileira de Distribuicao	COM	20440T300	156	30,895	SH		SOLE		30,895	0	0
Cisco Systems Incorporated	COM	17275R102	106,029	1,901,521	SH		SOLE		1,888,080	0	13,440
Clarivate	COM	G21810109	55,521	3,312,684	SH		SOLE		3,301,332	0	11,352
Cliffs Natural Resources Incor	COM	185899101	464	14,415	SH		SOLE		14,314	0	101
Colgate-Palmolive Company	COM	194162103	108,582	1,431,913	SH		SOLE		1,421,090	0	10,823
Commerce Bancshares Incorporat	COM	200525103	20,148	281,443	SH		SOLE		280,251	0	1,192
Compagnie Financiere Richemont	COM	204319107	139	11,007	SH		SOLE		11,007	0	0
ConocoPhillips	COM	20825C104	413	4,131	SH		SOLE		4,100	0	31
Continental Resources Incorpor	COM	212015101	401	6,537	SH		SOLE		6,489	0	48
Core Laboratories NV	COM	N22717107	6,211	196,379	SH		SOLE		195,233	0	1,146
Core Laboratories NV	COM	N22717107	1,671	52,837	SH		DFND	01	0	52,837	0
Corteva Incorporated	COM	22052L104	882	15,339	SH		SOLE		15,339	0	0
Costco Wholesale Corporation	COM	22160K105	437	759	SH		SOLE		744	0	15
Coterra Energy Incorporated	COM	127097103	398	14,754	SH		SOLE		14,650	0	104
CrediCorporation Limited	COM	G2519Y108	223	1,300	SH		SOLE		1,300	0	0
Crescent Capital BDC Incorpora	COM	225655109	412	23,147	SH		SOLE		23,147	0	0
Crescent Capital BDC Incorpora	COM	225655109	463	26,000	SH		DFND	01	0	26,000	0
Cullen Frost Bankers Incorpora	COM	229899109	21,749	157,135	SH		SOLE		156,426	0	709
Cyberark Software Limited	COM	M2682V108	1,094	6,483	SH		SOLE		6,282	0	201
DBS Group Holdings ADR	COM	23304y100	899	8,627	SH		SOLE		8,377	0	250
Diageo PLC	COM	25243Q205	176,896	870,807	SH		SOLE		865,123	0	5,683
Diamondback Energy Incorporate	COM	25278X109	377	2,751	SH		SOLE		2,731	0	20
Digital Realty Trust Incorpora	COM	253868103	98,979	698,018	SH		SOLE		692,540	0	5,477
Dollar Tree Incorporated	COM	256746108	40,311	251,706	SH		SOLE		250,313	0	1,393
Donaldson Incorporated	COM	257651109	16,222	312,383	SH		SOLE		310,974	0	1,409
Dow Incorporated	COM	260557103	110,242	1,730,101	SH		SOLE		1,717,467	0	12,634
Dr Reddy's Laboratories Limite	COM	256135203	238	4,276	SH		SOLE		4,276	0	0
DSV Panalpina	COM	26251A108	1,050	10,978	SH		SOLE		10,620	0	358
Dun & Bradstreet Holdings	COM	26484T106	45,060	2,571,894	SH		SOLE		2,564,189	0	7,705
Dupont De Nemurs Incorporated	COM	26614N102	11,890	161,590	SH		SOLE		160,771	0	819
Ecopetrol SA	COM	279158109	301	16,184	SH		SOLE		16,184	0	0
Edgewell Personal Care Company	COM	28035Q102	4,792	130,666	SH		SOLE		129,937	0	729
Edgewell Personal Care Company	COM	28035Q102	1,129	30,800	SH		DFND	01	0	30,800	0
Eni SpA	COM	26874R108	525	17,961	SH		SOLE		17,829	0	132
ENN Energy Holdings Limited	COM	26876F102	338	5,669	SH		SOLE		5,669	0	0
Entergy Corporation	COM	29364G103	101,571	869,985	SH		SOLE		863,102	0	6,882
EOG Resources	COM	26875P101	391	3,279	SH		SOLE		3,255	0	24
Ericsson ADR	COM	294821608	128	14,059	SH		SOLE		14,059	0	0
Expeditors International of Wa	COM	302130109	18,801	182,250	SH		SOLE		181,507	0	743
Exxon Mobil Corporation	COM	30231G102	438	5,309	SH		SOLE		5,275	0	34
Faro Technologies Incorporated	COM	311642102	3,579	68,939	SH		SOLE		68,549	0	390
Faro Technologies Incorporated	COM	311642102	1,056	20,345	SH		DFND	01	0	20,345	0
Fastenal Company	COM	311900104	166,898	2,809,731	SH		SOLE		2,793,624	0	16,107
Ferroglobe PLC	COM	G33856108	352	45,771	SH		SOLE		45,457	0	314
Fidelity National Financial In	COM	31620R303	116,736	2,390,167	SH		SOLE		2,370,375	0	19,791
Fidelity National Information	COM	31620M106	16,863	167,923	SH		SOLE		167,207	0	716
First Quantum Minerals Limited	COM	335934105	532	15,283	SH		SOLE		15,159	0	124
Fomento Economico Mexicano SAB	COM	344419106	241	2,905	SH		SOLE		2,905	0	0
Fortune Brands Home & Security	COM	34964C106	45,165	608,041	SH		SOLE		606,093	0	1,948
Forward Air Corporation	COM	349853101	5,723	58,530	SH		SOLE		58,163	0	367
Forward Air Corporation	COM	349853101	1,215	12,422	SH		DFND	01	0	12,422	0
Franco-Nevada Corporation	COM	351858105	1,737	10,892	SH		SOLE		10,673	0	219
Franklin Street Properties Cor	COM	35471R106	1,268	215,000	SH		SOLE		40,000	0	175,000
Freeport-McMoRan Copper & Gold	COM	35671D857	400	8,046	SH		SOLE		7,987	0	59
Frontdoor Incorporated	COM	35905A109	24,035	805,181	SH		SOLE		800,555	0	4,626
Frontdoor Incorporated	COM	35905A109	1,325	44,379	SH		DFND	01	0	44,379	0
FS KKR Capital Corporation	COM	302635206	433	18,991	SH		SOLE		18,991	0	0
FS KKR Capital Corporation	COM	302635206	570	25,000	SH		DFND	01	0	25,000	0
Gates Industrial	COM	G39108108	24,503	1,627,050	SH		SOLE		1,617,441	0	9,609
General Dynamics Corporation	COM	369550108	20,908	86,690	SH		SOLE		86,302	0	388
Gilead Sciences	COM	375558103	75,927	1,277,157	SH		SOLE		1,268,100	0	9,057
Gladstone Commercial Corporati	COM	376536108	5,083	230,815	SH		SOLE		229,501	0	1,314
Gladstone Commercial Corporati	COM	376536108	1,348	61,208	SH		DFND	01	0	61,208	0
Glencore Xstrata PLC	COM	37827X100	499	38,240	SH		SOLE		37,928	0	312
Gold Fields Limited	COM	38059t106	388	25,090	SH		SOLE		25,090	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	1,274	64,968	SH		SOLE		64,968	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	2,647	135,000	SH		DFND	01	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	1,168	76,806	SH		SOLE		76,806	0	0
Golub Capital BDC Incorporated	COM	38173M102	3,802	250,000	SH		DFND	01	0	250,000	0
Graco Incorporated	COM	384109104	75,120	1,077,451	SH		SOLE		1,070,924	0	6,527
Grupo Financiero ADR	COM	40052P107	383	10,238	SH		SOLE		10,238	0	0
HDFC Bank Limited	COM	40415F101	312	5,079	SH		SOLE		5,079	0	0
Healthcare Services Group	COM	421906108	4,973	267,821	SH		SOLE		266,194	0	1,627
Healthcare Services Group	COM	421906108	1,008	54,292	SH		DFND	01	0	54,292	0
Hercules Technology Growth Cap	COM	427096508	1,140	63,089	SH		SOLE		63,089	0	0
Hercules Technology Growth Cap	COM	427096508	6,324	350,000	SH		DFND	01	0	350,000	0
Hershey Company	COM	427866108	23,468	108,330	SH		SOLE		107,887	0	443
Hexagon AB	COM	428263107	11,984	856,640	SH		SOLE		853,344	0	3,296
Home Depot Incorporated	COM	437076102	119,921	400,630	SH		SOLE		397,952	0	2,678
Honeywell International Incorp	COM	438516106	226	1,160	SH		SOLE		1,160	0	0
Huazhu Group Limited	COM	44332N106	285	8,634	SH		SOLE		8,634	0	0
I3 Verticals Incorporated	COM	46571Y107	5,444	195,421	SH		SOLE		194,320	0	1,101
I3 Verticals Incorporated	COM	46571Y107	1,217	43,680	SH		DFND	01	0	43,680	0
ICICI Bank Limited ADS	COM	45104g104	282	14,866	SH		SOLE		14,866	0	0
Icon PLC	COM	G4705A100	1,132	4,654	SH		SOLE		4,538	0	116
Illinois Tool Works Incorporat	COM	452308109	58,880	281,186	SH		SOLE		280,323	0	863
Infosys Technologies Limited	COM	456788108	1,412	56,725	SH		SOLE		55,466	0	1,259
ING Groep NV	COM	456837103	523	50,096	SH		SOLE		48,490	0	1,606
Invesco BulletShares 2025 Corp	COM	46138j825	9,305	445,009	SH		SOLE		443,981	0	1,028
Invesco BulletShares 2029 Muni	COM	46138J478	2,304	95,785	SH		SOLE		95,576	0	209
Invesco BulletShares 2030 Muni	COM	46138J445	4,059	175,109	SH		SOLE		174,695	0	414
Invesco BulletShares 2031 Muni	COM	46138j411	6,065	270,661	SH		SOLE		270,009	0	652
Invesco Optimum Yield Diversif	COM	46090F100	17,877	1,013,460	SH		SOLE		1,012,275	0	1,185
Investcorp Credit Management B	COM	46090R104	693	131,000	SH		DFND	01	0	131,000	0
iShares 20Plus Year Treasury B	COM	464287432	25,117	190,162	SH		SOLE		189,727	0	435
iShares 7-10 Year Treasury Bon	COM	464287440	39,737	369,745	SH		SOLE		368,892	0	853
iShares Floating Rate Bond ETF	COM	46429B655	240	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust ETF	COM	464285204	17,552	476,565	SH		SOLE		475,988	0	577
iShares iBonds Dec 2022 Term M	COM	46435G755	422	16,291	SH		SOLE		16,291	0	0
iShares iBonds Dec 2023 Term M	COM	46435G318	4,119	161,705	SH		SOLE		161,457	0	248
iShares iBonds Dec 2024 Term C	COM	46434VBG4	8,135	324,105	SH		SOLE		324,105	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	5,565	214,090	SH		SOLE		213,688	0	402
iShares iBonds Dec 2024 Term T	COM	46436E874	12,310	499,401	SH		SOLE		497,802	0	1,599
iShares iBonds Dec 2025 Term M	COM	46435U432	4,520	169,551	SH		SOLE		169,164	0	387
iShares iBonds Dec 2025 Term T	COM	46436E866	17,229	709,584	SH		SOLE		708,700	0	884
iShares iBonds Dec 2026 Term C	COM	46435GAA0	21,082	855,256	SH		SOLE		852,868	0	2,388
iShares iBonds Dec 2026 Term M	COM	46435U259	4,950	194,055	SH		SOLE		193,652	0	403
iShares iBonds Dec 2026 Term T	COM	46436E858	15,849	659,828	SH		SOLE		658,941	0	887
iShares iBonds Dec 2027 Term C	COM	46435UAA9	11,201	449,116	SH		SOLE		448,063	0	1,053
iShares iBonds Dec 2027 Term M	COM	46435U283	5,671	223,028	SH		SOLE		222,513	0	515
iShares iBonds Dec 2027 Term T	COM	46436E841	2,454	103,171	SH		SOLE		102,587	0	584
iShares iBonds Dec 2028 Term C	COM	46435U515	13,426	509,703	SH		SOLE		508,518	0	1,185
iShares iBonds Dec 2028 Term M	COM	46435U325	6,617	259,810	SH		SOLE		259,242	0	568
iShares iBonds Dec 2028 Term T	COM	46436E833	11,270	474,711	SH		SOLE		473,598	0	1,113
iShares iBonds Dec 2029 Term C	COM	46436E205	8,866	361,739	SH		SOLE		360,887	0	852
iShares iBonds Dec 2029 Term T	COM	46436E825	9,030	381,976	SH		SOLE		381,080	0	896
iShares iBonds Dec 2030 Term C	COM	46436E726	22,054	951,836	SH		SOLE		949,027	0	2,809
iShares iBonds December 2030 T	COM	46436e593	13,386	613,477	SH		SOLE		611,437	0	2,040
iShares MBS ETF	COM	464288588	23,592	231,593	SH		SOLE		231,060	0	533
iShares MSCI Emerging Markets	COM	46434G764	862	14,809	SH		SOLE		14,809	0	0
iShares MSCI United Kingdom ET	COM	46435G334	6,480	192,621	SH		SOLE		192,621	0	0
iShares MSCI United Kingdom Sm	COM	46429B416	1,220	31,272	SH		SOLE		31,272	0	0
iShares National Muni Bond ETF	COM	464288414	4,813	43,903	SH		SOLE		43,836	0	67
iShares Russell 1000 Value ETF	COM	464287598	361	2,174	SH		SOLE		2,174	0	0
Ivanhoe Mines Limited	COM	46579R104	343	36,595	SH		SOLE		36,328	0	267
J & J Snack Foods Corporation	COM	466032109	5,396	34,792	SH		SOLE		34,584	0	208
J & J Snack Foods Corporation	COM	466032109	1,467	9,458	SH		DFND	01	0	9,458	0
John Bean Technologies Corpora	COM	477839104	5,239	44,218	SH		SOLE		43,953	0	265
John Bean Technologies Corpora	COM	477839104	969	8,181	SH		DFND	01	0	8,181	0
JP Morgan Chase & Company	COM	46625H100	255	1,870	SH		SOLE		1,870	0	0
Kadant Incorporated	COM	48282T104	5,205	26,803	SH		SOLE		26,665	0	138
Kadant Incorporated	COM	48282T104	1,093	5,630	SH		DFND	01	0	5,630	0
KB Financial Group Incorporate	COM	48241a105	312	6,386	SH		SOLE		6,386	0	0
Kemper Corporation	COM	488401100	253	4,470	SH		SOLE		4,470	0	0
Keurig Dr Pepper Incorporated	COM	49271V100	14,552	383,952	SH		SOLE		382,340	0	1,612
Kinder Morgan Incorporated	COM	49456B101	97,594	5,160,953	SH		SOLE		5,127,475	0	33,477
Komatsu Limited	COM	500458401	434	18,067	SH		SOLE		17,577	0	490
L'Oreal SA	COM	502117203	958	11,953	SH		SOLE		11,631	0	322
Leslie's Incorporated	COM	527064109	20,148	1,040,694	SH		SOLE		1,038,847	0	1,847
Linde PLC	COM	G5494J103	135,956	425,621	SH		SOLE		422,791	0	2,830
Localiza Rent a Car SA	COM	53956W300	331	26,127	SH		SOLE		26,127	0	0
Lockheed Martin Corporation	COM	539830109	143,903	326,015	SH		SOLE		323,625	0	2,390
Lonza Group Limited	COM	54338V101	958	13,211	SH		SOLE		12,896	0	315
Lowe's Companies Incorporated	COM	548661107	62,398	308,612	SH		SOLE		307,745	0	867
LVMH Moet Hennessy - Louis Vui	COM	502441306	1,186	8,320	SH		SOLE		8,117	0	203
Lynas Corporation Limited	COM	551073307	335	41,984	SH		SOLE		41,686	0	298
M&T Bank Corporation	COM	55261F104	19,569	115,453	SH		SOLE		114,930	0	523
Main Street Capital Corporatio	COM	56035L104	1,283	30,087	SH		SOLE		30,087	0	0
Main Street Capital Corporatio	COM	56035L104	4,733	111,000	SH		DFND	01	0	111,000	0
Makemytrip Limited	COM	V5633W109	295	11,000	SH		SOLE		11,000	0	0
Manatuck Hill Mariner Offshore	COM	562996983	397	2,013	SH		SOLE		2,013	0	0
Markel Corporation	COM	570535104	76,394	51,784	SH		SOLE		51,589	0	195
Markel Corporation	COM	570535104	221	150	SH		DFND	01	0	150	0
Marten Transport Limited	COM	573075108	5,972	336,265	SH		SOLE		334,306	0	1,959
Marten Transport Limited	COM	573075108	1,282	72,169	SH		DFND	01	0	72,169	0
Mastercard Incorporated	COM	57636Q104	66,022	184,738	SH		SOLE		184,172	0	566
Materion Corporation	COM	576690101	295	3,439	SH		SOLE		3,415	0	24
McDonald's Corporation	COM	580135101	20,560	83,144	SH		SOLE		82,800	0	344
Medtronic	COM	G5960L103	19,077	171,944	SH		SOLE		171,271	0	673
Mercadolibre Incorporated	COM	58733R102	365	307	SH		SOLE		307	0	0
MGP Ingredients Incorporated	COM	55303J106	2,722	31,806	SH		SOLE		31,621	0	185
MGP Ingredients Incorporated	COM	55303J106	663	7,750	SH		DFND	01	0	7,750	0
Microsoft Corporation	COM	594918104	160,798	521,547	SH		SOLE		518,001	0	3,546
Morningstar Incorporated	COM	617700109	19,382	70,952	SH		SOLE		70,618	0	334
Morningstar Incorporated	COM	617700109	1,504	5,506	SH		DFND	01	0	5,506	0
Movado Group Incorporated	COM	624580106	6,259	160,277	SH		SOLE		159,337	0	940
Movado Group Incorporated	COM	624580106	1,054	27,002	SH		DFND	01	0	27,002	0
Nathan's Famous Incorporated	COM	632347100	1,221	22,547	SH		SOLE		22,437	0	110
Nathan's Famous Incorporated	COM	632347100	458	8,459	SH		DFND	01	0	8,459	0
Natus Medical Incorporated	COM	639050103	4,385	166,851	SH		SOLE		166,012	0	839
Natus Medical Incorporated	COM	639050103	797	30,319	SH		DFND	01	0	30,319	0
Neenah Paper Incorporated	COM	640079109	3,301	83,234	SH		SOLE		82,815	0	419
Neenah Paper Incorporated	COM	640079109	980	24,710	SH		DFND	01	0	24,710	0
Nestle SA	COM	641069406	137,500	1,056,876	SH		SOLE		1,049,558	0	7,318
New Jersey Resources Corporati	COM	646025106	19,494	425,080	SH		SOLE		423,094	0	1,986
New Mountain Finance Corporati	COM	647551100	1,023	73,867	SH		SOLE		73,867	0	0
New Mountain Finance Corporati	COM	647551100	4,543	328,000	SH		DFND	01	0	328,000	0
Nike Incorporated	COM	654106103	20,365	151,342	SH		SOLE		150,758	0	584
Nintendo Company Limited	COM	654445303	629	10,004	SH		SOLE		9,699	0	305
Nordson Corporation	COM	655663102	36,058	158,791	SH		SOLE		158,164	0	627
Northern Trust Corporation	COM	665859104	127,525	1,095,102	SH		SOLE		1,087,318	0	7,784
Northwest Natural Holding Comp	COM	66765N105	4,586	88,664	SH		SOLE		88,211	0	453
Northwest Natural Holding Comp	COM	66765N105	1,453	28,090	SH		DFND	01	0	28,090	0
Novartis AG ADR	COM	66987V109	16,023	182,602	SH		SOLE		181,681	0	921
Novo Nordisk A/S ADS	COM	670100205	1,525	13,732	SH		SOLE		13,423	0	309
NVIDIA Corporation	COM	67066G104	504	1,847	SH		SOLE		1,847	0	0
NXP Semiconductors NV	COM	N6596X109	69,679	376,483	SH		SOLE		375,061	0	1,422
Oaktree Specialty Lending Corp	COM	67401P108	663	89,946	SH		SOLE		89,946	0	0
OFS Capital Corporation	COM	67103B100	1,240	95,399	SH		SOLE		95,399	0	0
OFS Capital Corporation	COM	67103B100	3,744	288,000	SH		DFND	01	0	288,000	0
Oracle Corporation	COM	68389X105	79,010	955,034	SH		SOLE		952,138	0	2,896
Owl Rock Capital Corporation	COM	69121K104	842	56,946	SH		SOLE		56,946	0	0
Owl Rock Capital Corporation	COM	69121K104	2,217	150,000	SH		DFND	01	0	150,000	0
Pagseguro Digital Limited	COM	G68707101	475	23,701	SH		SOLE		23,274	0	427
Paychex Incorporated	COM	704326107	176,765	1,295,265	SH		SOLE		1,286,736	0	8,528
PennantPark Investment Corpora	COM	708062104	507	65,121	SH		SOLE		65,121	0	0
PennantPark Investment Corpora	COM	708062104	5,104	656,000	SH		DFND	01	0	656,000	0
Pepsico Incorporated	COM	713448108	173,746	1,038,033	SH		SOLE		1,031,941	0	6,091
Perficient Incorporated	COM	71375U101	2,826	25,666	SH		SOLE		25,521	0	145
Perficient Incorporated	COM	71375U101	715	6,495	SH		DFND	01	0	6,495	0
PhenixFin Corporation	COM	71742W103	974	24,000	SH		DFND	01	0	24,000	0
Phibro Animal Health Corporati	COM	71742Q106	2,018	101,169	SH		SOLE		100,834	0	335
PIMCO Enhanced Short Maturity	COM	72201R833	484	4,833	SH		SOLE		4,833	0	0
Ping An Insurance Group Compan	COM	72341E304	155	11,114	SH		SOLE		11,114	0	0
Pioneer Natural Resources Comp	COM	723787107	419	1,674	SH		SOLE		1,661	0	13
Polaris Industries	COM	731068102	112,707	1,070,136	SH		SOLE		1,062,011	0	8,125
Portman Ridge Finance Corporat	COM	73688F201	204	8,448	SH		SOLE		8,448	0	0
Portman Ridge Finance Corporat	COM	73688F201	1,064	44,000	SH		DFND	01	0	44,000	0
Posco ADR	COM	693483109	221	3,722	SH		SOLE		3,722	0	0
PPG Industries Incorporated	COM	693506107	16,957	129,370	SH		SOLE		128,791	0	579
Procter & Gamble Company	COM	742718109	20,655	135,176	SH		SOLE		134,615	0	561
Progressive Corporation	COM	743315103	154,629	1,356,514	SH		SOLE		1,347,424	0	9,089
Prudential Financial Incorpora	COM	744320102	26	218	SH		SOLE		218	0	0
Prudential Financial Incorpora	COM	744320102	1,300	11,000	SH		DFND	01	0	11,000	0
Rayonier Incorporated	COM	754907103	118,908	2,891,741	SH		SOLE		2,871,190	0	20,551
Rayonier Incorporated	COM	754907103	1,329	32,308	SH		DFND	01	0	32,308	0
Raytheon Technologies Corporat	COM	75513E101	63,417	640,127	SH		SOLE		638,148	0	1,979
RBC Bearings Incorporated	COM	75524B104	5,611	28,939	SH		SOLE		28,770	0	169
RBC Bearings Incorporated	COM	75524B104	1,493	7,701	SH		DFND	01	0	7,701	0
RE/MAX Holdings Incorporated	COM	75524W108	15,145	546,168	SH		SOLE		543,676	0	2,492
RE/MAX Holdings Incorporated	COM	75524W108	1,430	51,572	SH		DFND	01	0	51,572	0
Rio Tinto PLC	COM	767204100	1,247	15,512	SH		SOLE		15,141	0	371
Roche Holding AG	COM	771195104	597	12,088	SH		SOLE		11,726	0	362
Rockwell Automation Incorporat	COM	773903109	19,831	70,817	SH		SOLE		70,526	0	291
Royal Gold Incorporated	COM	780287108	439	3,106	SH		SOLE		3,082	0	24
S&P Global Incorporated	COM	78409V104	62,918	153,392	SH		SOLE		152,950	0	442
SAP SE	COM	803054204	506	4,563	SH		SOLE		4,423	0	140
Seabridge Gold Incorporated	COM	811916105	328	17,755	SH		SOLE		17,628	0	127
Sendas Distribuidora ADR	COM	81689T104	225	13,092	SH		SOLE		13,092	0	0
Shell PLC	COM	780259305	905	16,481	SH		SOLE		16,057	0	424
Shopify Incorporated	COM	82509L107	546	808	SH		SOLE		790	0	18
Sixth Street Specialty Lending	COM	83012A109	1,457	62,572	SH		SOLE		62,572	0	0
Sixth Street Specialty Lending	COM	83012A109	3,424	147,000	SH		DFND	01	0	147,000	0
SJW Group	COM	784305104	5,538	79,596	SH		SOLE		79,126	0	470
SJW Group	COM	784305104	1,497	21,513	SH		DFND	01	0	21,513	0
SL Green Realty	COM	78440X887	109,403	1,347,654	SH		SOLE		1,337,770	0	9,884
SMC Corporation	COM	78445W306	626	22,382	SH		SOLE		21,656	0	726
Snap-on Incorporated	COM	833034101	134,571	654,912	SH		SOLE		650,588	0	4,324
Sociedad Quimica y Minera de C	COM	833635105	271	3,161	SH		SOLE		3,138	0	23
Solar Capital Limited	COM	83413U100	1,153	63,597	SH		SOLE		63,597	0	0
Solar Capital Limited	COM	83413U100	3,553	196,000	SH		DFND	01	0	196,000	0
Solar Senior Capital Limited	COM	83416M105	368	25,957	SH		SOLE		25,957	0	0
Sony Group Corporation	COM	835699307	1,052	10,242	SH		SOLE		10,048	0	194
Southern Company	COM	842587107	134,630	1,856,708	SH		SOLE		1,843,730	0	12,978
Southern Copper Corporation	COM	84265V105	395	5,201	SH		SOLE		5,162	0	39
SPDR Financial Select Sector E	COM	81369Y605	4,451	116,147	SH		SOLE		116,074	0	73
SPDR Gold Shares ETF	COM	78463V107	247	1,365	SH		SOLE		1,365	0	0
SPDR Health Care Select Sector	COM	81369Y209	4,226	30,847	SH		SOLE		30,828	0	19
SPDR Materials Select Sector E	COM	81369Y100	4,341	49,250	SH		SOLE		49,219	0	31
SPDR Nuveen Barclays Capital S	COM	78468R739	752	15,897	SH		SOLE		15,897	0	0
SPDR Nuveen Bloomberg Barclays	COM	78468R721	2,904	60,661	SH		SOLE		60,511	0	150
SPDR Nuveen S&P High Yield Mun	COM	78464A284	904	16,396	SH		SOLE		16,396	0	0
SPDR Portfolio Developed World	COM	78463X889	36,981	1,078,791	SH		SOLE		1,077,741	0	1,050
SPDR Portfolio S&P 500 Growth	COM	78464A409	10,713	161,804	SH		SOLE		161,669	0	135
SPDR Portfolio S&P 500 Value E	COM	78464a508	21,961	526,017	SH		SOLE		525,593	0	424
SPDR S&P 400 Mid Cap Growth ET	COM	78464A821	8,864	119,449	SH		SOLE		119,402	0	47
SPDR S&P 400 Mid Cap Value ETF	COM	78464A839	17,496	248,595	SH		SOLE		248,501	0	94
SPDR S&P 500 ETF	COM	78462F103	8,637	19,123	SH		SOLE		19,123	0	0
SPDR S&P 600 Small Cap Growth	COM	78464A201	13,488	160,894	SH		SOLE		160,792	0	102
SPDR S&P 600 Small Cap Value E	COM	78464A300	26,438	317,267	SH		SOLE		317,068	0	199
SPDR S&P Homebuilders ETF	COM	78464A888	3,329	52,677	SH		SOLE		52,618	0	59
Sprott Physical Uranium Trust	COM	85210A104	405	27,026	SH		SOLE		26,830	0	196
Starbucks Corporation	COM	855244109	66,224	727,976	SH		SOLE		725,545	0	2,430
Stellus Capital Investment	COM	858568108	215	15,472	SH		SOLE		15,472	0	0
Stellus Capital Investment	COM	858568108	2,736	197,000	SH		DFND	01	0	197,000	0
Stryker Corporation	COM	863667101	81,333	304,220	SH		SOLE		303,248	0	972
T Rowe Price Group Incorporate	COM	74144T108	19,181	126,867	SH		SOLE		126,356	0	511
Taiwan Semiconductor Manufactu	COM	874039100	1,525	14,631	SH		SOLE		14,360	0	271
TCP Capital Corporation	COM	09259e108	1,284	89,767	SH		SOLE		89,767	0	0
TCP Capital Corporation	COM	09259e108	4,748	332,000	SH		DFND	01	0	332,000	0
Teck Resources Limited	COM	878742204	453	11,214	SH		SOLE		11,129	0	85
Tencent Holdings Limited	COM	88032Q109	684	14,742	SH		SOLE		14,445	0	297
The Clorox Company	COM	189054109	15,088	108,523	SH		SOLE		108,007	0	516
The Mosaic Company	COM	61945C103	546	8,204	SH		SOLE		8,142	0	62
Thermo Fisher Scientific Incor	COM	883556102	60,522	102,467	SH		SOLE		102,195	0	272
Thermon Group Holdings Incorpo	COM	88362T103	3,966	244,813	SH		SOLE		243,568	0	1,245
Thermon Group Holdings Incorpo	COM	88362T103	1,248	77,011	SH		DFND	01	0	77,011	0
TJX Companies	COM	872540109	64,419	1,063,371	SH		SOLE		1,059,874	0	3,496
TotalEnergies SE	COM	89151E109	591	11,696	SH		SOLE		11,300	0	396
Trinity Capital Incorporated	COM	896442308	374	19,358	SH		SOLE		19,358	0	0
Trinity Capital Incorporated	COM	896442308	869	45,000	SH		DFND	01	0	45,000	0
TriplePoint Venture Growth BDC	COM	89677Y100	434	24,885	SH		SOLE		24,885	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	1,484	85,000	SH		DFND	01	0	85,000	0
United Overseas Bank Limited	COM	911271302	671	14,386	SH		SOLE		13,981	0	405
US Bancorp	COM	902973304	99,554	1,873,072	SH		SOLE		1,860,164	0	12,907
Vale SA ADR	COM	91912E105	336	16,830	SH		SOLE		16,830	0	0
VanEck Vectors Long Municipal	COM	92189F536	10,070	519,188	SH		SOLE		517,903	0	1,285
Vanguard FTSE Europe Index Fun	COM	922042874	932	14,961	SH		SOLE		14,961	0	0
Veritex Holdings	COM	923451108	5,942	155,669	SH		SOLE		154,543	0	1,126
Veritex Holdings	COM	923451108	1,255	32,872	SH		DFND	01	0	32,872	0
Visa Incorporated	COM	92826C839	333	1,502	SH		SOLE		1,502	0	0
Vontier Corporation	COM	928881101	9,886	389,350	SH		SOLE		386,581	0	2,769
Wal-Mart de Mexico SAB de CV	COM	93114W107	1,092	26,619	SH		SOLE		25,984	0	635
Waste Connections Incorporated	COM	94106B101	1,100	7,876	SH		SOLE		7,629	0	247
Weyerhaeuser Company	COM	962166104	107,509	2,836,661	SH		SOLE		2,815,091	0	21,570
Willis Towers Watson Public Li	COM	G96629103	842	3,564	SH		SOLE		3,472	0	92
Winnebago Industries Incorpora	COM	974637100	4,365	80,786	SH		SOLE		80,316	0	470
Winnebago Industries Incorpora	COM	974637100	1,195	22,109	SH		DFND	01	0	22,109	0
WNS Holdings Limited	COM	92932M101	319	3,732	SH		SOLE		3,732	0	0
WR Berkley Corporation	COM	084423102	72,763	1,092,706	SH		SOLE		1,089,527	0	3,179
Wuxi Biologics Cayman Incorpor	COM	98260N108	319	20,136	SH		SOLE		20,136	0	0
xTrackers Municipal Infrastruc	COM	233051705	4,033	152,015	SH		SOLE		151,642	0	373
Yum China Holdings Incorporate	COM	98850P109	211	5,075	SH		SOLE		5,075	0	0
ZTO Express Cayman Incorporate	COM	98980A105	292	11,689	SH		SOLE		11,689	0	0
Zurich Insurance Group	COM	989825104	919	18,666	SH		SOLE		18,142	0	524

Check here if Amendment:	☐ Amendment Number:
This Amendment (Check only one.):	☐ is a restatement. ☐ adds new holdings entries.

Name:	CONFLUENCE INVESTMENT MANAGEMENT LLC
Address:	20 ALLEN AVENUE, SUITE 300

	ST. LOUIS, MO 63119
Form 13F File Number:	028-13334

Name:	Steven Farmer
Title:	Chief Compliance Officer
Phone:	314-743-5298

Number of Other Included Managers:	1
Form 13F Information table Entry Total:	369
Form 13F Information table Value Total:	7149892 (thousands)

Institutional Investment Manager Filing this Report:

Signature, Place, and Date of Signing:

Report Type (Check only one.):

Form 13F Summary Page

Report Summary:

List of Other Included Managers: