CONFLUENCE INVESTMENT MANAGEMENT LLC Form 13F-HR Filed 2022-07-12

No.	Form 13F File Number	Name	CIK
1	028-04687	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
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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	56,875	439,496	SH		SOLE		436,163	0	3,334
Accenture PLC	COM	G1151C101	1,052	3,789	SH		SOLE		3,685	0	104
Agnico Eagle Mines Limited	COM	008474108	831	18,156	SH		SOLE		17,802	0	354
AIA Group Limited	COM	001317205	258	5,878	SH		SOLE		5,878	0	0
Air Products & Chemicals Incor	COM	009158106	18,170	75,558	SH		SOLE		75,287	0	271
Albemarle Corporation	COM	012653101	307	1,467	SH		SOLE		1,458	0	9
Alcoa Corporation	COM	013872106	349	7,648	SH		SOLE		7,605	0	43
Alibaba Group Holding Limited	COM	01609W102	232	2,044	SH		SOLE		2,044	0	0
Allied Motion Technologies Inc	COM	019330109	3,632	159,000	SH		SOLE		157,953	0	1,047
Allied Motion Technologies Inc	COM	019330109	1,045	45,757	SH		DFND	01	0	45,757	0
Alphabet Incorporated - A	COM	02079K305	342	157	SH		SOLE		157	0	0
Alphabet Incorporated - C	COM	02079K107	58,410	26,702	SH		SOLE		26,632	0	70
American Capital Agency Corpor	COM	00123q104	24	2,146	SH		SOLE		2,146	0	0
American Capital Agency Corpor	COM	00123q104	1,218	110,000	SH		DFND	01	0	110,000	0
American Express Company	COM	025816109	333	2,400	SH		SOLE		2,400	0	0
American Outdoor Brands Incorp	COM	02875D109	3,205	337,054	SH		SOLE		334,926	0	2,128
American Outdoor Brands Incorp	COM	02875D109	482	50,705	SH		DFND	01	0	50,705	0
American Water Works Company	COM	030420103	19,271	129,536	SH		SOLE		129,008	0	528
Analog Devices Incorporated	COM	032654105	103,617	709,267	SH		SOLE		704,443	0	4,824
Annaly Capital Management Inco	COM	035710409	15	2,597	SH		SOLE		2,597	0	0
Annaly Capital Management Inco	COM	035710409	975	165,000	SH		DFND	01	0	165,000	0
Apple Incorporated	COM	037833100	220	1,612	SH		SOLE		1,612	0	0
Aptiv PLC	COM	G6095L109	518	5,820	SH		SOLE		5,620	0	200
Ares Capital Corporation	COM	04010L103	74,822	4,172,979	SH		SOLE		4,145,083	0	27,896
Ares Capital Corporation	COM	04010L103	4,482	250,000	SH		DFND	01	0	250,000	0
Axalta Coating Systems Limited	COM	G0750C108	6,887	311,495	SH		SOLE		310,213	0	1,282
Baidu Incorporated ADS	COM	056752108	230	1,546	SH		SOLE		1,546	0	0
Bank of Marin (CA)	COM	063425102	3,501	110,167	SH		SOLE		109,566	0	601
Bank of Marin (CA)	COM	063425102	951	29,918	SH		DFND	01	0	29,918	0
Barings BDC Incorporated	COM	06759l103	1,461	156,917	SH		SOLE		156,917	0	0
Barings BDC Incorporated	COM	06759l103	3,631	390,000	SH		DFND	01	0	390,000	0
Barrick Gold Corporation	COM	067901108	351	19,839	SH		SOLE		19,718	0	121
Becton Dickinson and Company	COM	075887109	18,136	73,567	SH		SOLE		73,243	0	324
Berkshire Hathaway Incorporate	COM	084670108	2,045	5	SH		SOLE		5	0	0
Berkshire Hathaway Incorporate	COM	084670702	55,154	202,015	SH		SOLE		201,422	0	593
Berkshire Hathaway Incorporate	COM	084670702	1,229	4,500	SH		DFND	01	0	4,500	0
Black Knight Incorporated	COM	09215C105	11,912	182,174	SH		SOLE		181,485	0	689
Blackstone Secured Lending Fun	COM	09261X102	838	35,452	SH		SOLE		35,452	0	0
Blackstone Secured Lending Fun	COM	09261X102	2,116	89,500	SH		DFND	01	0	89,500	0
BNP Paribas	COM	05565A202	568	23,677	SH		SOLE		22,968	0	709
Booking Holdings Incorporated	COM	09857L108	30,934	17,687	SH		SOLE		17,642	0	45
Broadridge Financial Solutions	COM	11133T103	115,740	811,925	SH		SOLE		806,592	0	5,333
Brookfield Asset Management In	COM	112585104	53,378	1,200,311	SH		SOLE		1,196,457	0	3,854
Brookfield Infrastructure	COM	11275Q107	110,538	2,600,892	SH		SOLE		2,583,089	0	17,803
Brown & Brown Incorporated	COM	115236101	34,872	597,735	SH		SOLE		595,250	0	2,485
Brown & Brown Incorporated	COM	115236101	936	16,043	SH		DFND	01	0	16,043	0
BRP Group	COM	05589g102	12,602	521,805	SH		SOLE		518,376	0	3,429
BRP Group	COM	05589g102	903	37,401	SH		DFND	01	0	37,401	0
CAE Incorporated	COM	124765108	590	23,956	SH		SOLE		23,196	0	760
Cameco Corporation	COM	13321L108	429	20,428	SH		SOLE		20,316	0	112
Cannae Holdings Incorporated	COM	13765N107	11,176	577,853	SH		SOLE		574,839	0	3,014
Cannae Holdings Incorporated	COM	13765N107	936	48,376	SH		DFND	01	0	48,376	0
Capital Southwest Corporation	COM	140501107	685	37,185	SH		SOLE		37,185	0	0
Capital Southwest Corporation	COM	140501107	1,308	71,000	SH		DFND	01	0	71,000	0
Carmax Incorporated	COM	143130102	12,486	137,992	SH		SOLE		137,476	0	516
CF Industries Holdings Incorpo	COM	125269100	251	2,929	SH		SOLE		2,911	0	18
Charles Schwab	COM	808513105	16,890	267,335	SH		SOLE		266,134	0	1,202
Chesapeake Energy Corporation	COM	165167735	452	5,576	SH		SOLE		5,541	0	35
Chevron Corporation	COM	166764100	118,189	816,334	SH		SOLE		811,134	0	5,200
China Petroleum & Chemical Com	COM	16941R108	200	4,474	SH		SOLE		4,474	0	0
China Southern Airlines Compan	COM	169409109	285	9,839	SH		SOLE		9,839	0	0
Chubb Corporation	COM	H1467J104	137,317	698,529	SH		SOLE		693,403	0	5,127
Cia Brasileira de Distribuicao	COM	20440T300	95	30,604	SH		SOLE		30,604	0	0
Cisco Systems Incorporated	COM	17275R102	82,576	1,936,580	SH		SOLE		1,923,507	0	13,072
Clarivate	COM	G21810109	46,367	3,345,373	SH		SOLE		3,333,882	0	11,491
Cliffs Natural Resources Incor	COM	185899101	275	17,868	SH		SOLE		17,767	0	101
CNH Industrial NV	COM	n20944109	525	45,266	SH		SOLE		43,821	0	1,445
Colgate-Palmolive Company	COM	194162103	116,873	1,458,355	SH		SOLE		1,447,753	0	10,602
Commerce Bancshares Incorporat	COM	200525103	18,747	285,559	SH		SOLE		284,287	0	1,272
Compagnie Financiere Richemont	COM	204319107	118	11,076	SH		SOLE		11,076	0	0
ConocoPhillips	COM	20825C104	434	4,827	SH		SOLE		4,796	0	31
Continental Resources Incorpor	COM	212015101	501	7,659	SH		SOLE		7,611	0	48
Core Laboratories NV	COM	N22717107	3,639	183,686	SH		SOLE		182,540	0	1,146
Core Laboratories NV	COM	N22717107	1,047	52,837	SH		DFND	01	0	52,837	0
Corteva Incorporated	COM	22052L104	779	14,389	SH		SOLE		14,389	0	0
Costco Wholesale Corporation	COM	22160K105	364	759	SH		SOLE		744	0	15
Coterra Energy Incorporated	COM	127097103	441	17,084	SH		SOLE		16,980	0	104
Crescent Capital BDC Incorpora	COM	225655109	365	23,552	SH		SOLE		23,552	0	0
Crescent Capital BDC Incorpora	COM	225655109	403	26,000	SH		DFND	01	0	26,000	0
Cullen Frost Bankers Incorpora	COM	229899109	18,444	158,388	SH		SOLE		157,626	0	762
Cyberark Software Limited	COM	M2682V108	836	6,536	SH		SOLE		6,335	0	201
DBS Group Holdings ADR	COM	23304y100	743	8,696	SH		SOLE		8,446	0	250
Diageo PLC	COM	25243Q205	152,541	876,066	SH		SOLE		870,538	0	5,527
Diamondback Energy Incorporate	COM	25278X109	396	3,269	SH		SOLE		3,249	0	20
Digital Realty Trust Incorpora	COM	253868103	92,399	711,692	SH		SOLE		706,378	0	5,314
Dollar Tree Incorporated	COM	256746108	24,028	154,177	SH		SOLE		153,379	0	798
Donaldson Incorporated	COM	257651109	15,437	320,667	SH		SOLE		319,447	0	1,220
Dow Incorporated	COM	260557103	89,992	1,743,696	SH		SOLE		1,731,543	0	12,153
Dr Reddy's Laboratories Limite	COM	256135203	234	4,232	SH		SOLE		4,232	0	0
DSV Panalpina	COM	26251A108	703	10,000	SH		SOLE		9,642	0	358
Dun & Bradstreet Holdings	COM	26484T106	39,025	2,596,458	SH		SOLE		2,588,567	0	7,891
Dupont De Nemurs Incorporated	COM	26614N102	8,800	158,321	SH		SOLE		157,780	0	541
Ecopetrol SA	COM	279158109	174	16,061	SH		SOLE		16,061	0	0
Edgewell Personal Care Company	COM	28035Q102	4,274	123,817	SH		SOLE		123,088	0	729
Edgewell Personal Care Company	COM	28035Q102	1,063	30,800	SH		DFND	01	0	30,800	0
Embecta Corporation	COM	29082K105	276	10,891	SH		SOLE		10,838	0	53
Eni SpA	COM	26874R108	483	20,274	SH		SOLE		20,142	0	132
ENN Energy Holdings Limited	COM	26876F102	368	5,574	SH		SOLE		5,574	0	0
Entergy Corporation	COM	29364G103	99,318	881,730	SH		SOLE		875,047	0	6,683
EOG Resources	COM	26875P101	429	3,880	SH		SOLE		3,856	0	24
Expeditors International of Wa	COM	302130109	18,057	185,277	SH		SOLE		184,512	0	765
Exxon Mobil Corporation	COM	30231G102	520	6,072	SH		SOLE		6,038	0	34
Faro Technologies Incorporated	COM	311642102	2,113	68,538	SH		SOLE		68,148	0	390
Faro Technologies Incorporated	COM	311642102	627	20,345	SH		DFND	01	0	20,345	0
Fastenal Company	COM	311900104	140,282	2,810,144	SH		SOLE		2,794,637	0	15,507
Ferroglobe PLC	COM	G33856108	335	56,335	SH		SOLE		56,021	0	314
Fidelity National Financial In	COM	31620R303	90,099	2,437,733	SH		SOLE		2,418,484	0	19,248
Fidelity National Information	COM	31620M106	15,797	172,321	SH		SOLE		171,716	0	605
First Quantum Minerals Limited	COM	335934105	339	17,834	SH		SOLE		17,710	0	124
Fomento Economico Mexicano SAB	COM	344419106	235	3,487	SH		SOLE		3,487	0	0
Fortune Brands Home & Security	COM	34964C106	41,070	685,877	SH		SOLE		683,889	0	1,988
Forward Air Corporation	COM	349853101	5,004	54,416	SH		SOLE		54,049	0	367
Forward Air Corporation	COM	349853101	1,142	12,422	SH		DFND	01	0	12,422	0
Franco-Nevada Corporation	COM	351858105	1,421	10,798	SH		SOLE		10,579	0	219
Franklin Street Properties Cor	COM	35471R106	1,314	315,000	SH		SOLE		40,000	0	275,000
Freeport-McMoRan Copper & Gold	COM	35671D857	293	10,029	SH		SOLE		9,970	0	59
Frontdoor Incorporated	COM	35905A109	11,294	469,019	SH		SOLE		467,005	0	2,014
Frontdoor Incorporated	COM	35905A109	1,069	44,379	SH		DFND	01	0	44,379	0
FS KKR Capital Corporation	COM	302635206	375	19,292	SH		SOLE		19,292	0	0
FS KKR Capital Corporation	COM	302635206	748	38,500	SH		DFND	01	0	38,500	0
Gates Industrial	COM	G39108108	17,057	1,577,846	SH		SOLE		1,569,090	0	8,756
General Dynamics Corporation	COM	369550108	19,265	87,074	SH		SOLE		86,664	0	410
Gilead Sciences	COM	375558103	80,953	1,309,711	SH		SOLE		1,300,790	0	8,921
Gladstone Commercial Corporati	COM	376536108	4,101	217,690	SH		SOLE		216,376	0	1,314
Gladstone Commercial Corporati	COM	376536108	986	52,351	SH		DFND	01	0	52,351	0
Glencore Xstrata PLC	COM	37827X100	475	43,948	SH		SOLE		43,636	0	312
Gold Fields Limited	COM	38059t106	216	23,724	SH		SOLE		23,724	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	1,109	66,014	SH		SOLE		66,014	0	0
Goldman Sachs BDC Incorporated	COM	38147U107	2,268	135,000	SH		DFND	01	0	135,000	0
Golub Capital BDC Incorporated	COM	38173M102	1,306	100,751	SH		SOLE		100,751	0	0
Golub Capital BDC Incorporated	COM	38173M102	3,240	250,000	SH		DFND	01	0	250,000	0
Graco Incorporated	COM	384109104	63,122	1,062,482	SH		SOLE		1,056,461	0	6,021
Grupo Financiero ADR	COM	40052P107	283	10,155	SH		SOLE		10,155	0	0
HDFC Bank Limited	COM	40415F101	278	5,058	SH		SOLE		5,058	0	0
Healthcare Services Group	COM	421906108	4,365	250,739	SH		SOLE		249,112	0	1,627
Healthcare Services Group	COM	421906108	945	54,292	SH		DFND	01	0	54,292	0
Hercules Technology Growth Cap	COM	427096508	866	64,170	SH		SOLE		64,170	0	0
Hercules Technology Growth Cap	COM	427096508	4,587	340,000	SH		DFND	01	0	340,000	0
Hershey Company	COM	427866108	23,232	107,977	SH		SOLE		107,523	0	454
Hexagon AB	COM	428263107	8,937	865,141	SH		SOLE		861,788	0	3,353
Home Depot Incorporated	COM	437076102	111,797	407,616	SH		SOLE		404,985	0	2,631
Honeywell International Incorp	COM	438516106	202	1,160	SH		SOLE		1,160	0	0
Huazhu Group Limited	COM	44332N106	326	8,553	SH		SOLE		8,553	0	0
I3 Verticals Incorporated	COM	46571Y107	4,640	185,452	SH		SOLE		184,351	0	1,101
I3 Verticals Incorporated	COM	46571Y107	1,093	43,680	SH		DFND	01	0	43,680	0
ICICI Bank Limited ADS	COM	45104g104	261	14,732	SH		SOLE		14,732	0	0
Icon PLC	COM	G4705A100	1,011	4,667	SH		SOLE		4,551	0	116
Illinois Tool Works Incorporat	COM	452308109	51,490	282,523	SH		SOLE		281,635	0	888
Infosys Technologies Limited	COM	456788108	1,047	56,559	SH		SOLE		55,300	0	1,259
ING Groep NV	COM	456837103	497	50,139	SH		SOLE		48,533	0	1,606
Invesco BulletShares 2025 Corp	COM	46138j825	8,867	433,802	SH		SOLE		432,820	0	982
Invesco BulletShares 2029 Muni	COM	46138J478	2,681	116,874	SH		SOLE		116,665	0	209
Invesco BulletShares 2030 Muni	COM	46138J445	3,862	177,397	SH		SOLE		176,983	0	414
Invesco BulletShares 2031 Muni	COM	46138j411	5,717	275,370	SH		SOLE		274,718	0	652
Invesco Optimum Yield Diversif	COM	46090F100	22,421	1,242,848	SH		SOLE		1,242,848	0	0
iShares 20Plus Year Treasury B	COM	464287432	21,545	187,560	SH		SOLE		187,127	0	433
iShares 7-10 Year Treasury Bon	COM	464287440	36,785	359,584	SH		SOLE		358,771	0	813
iShares BB Rated Corporate Bon	COM	46435U473	14,107	318,693	SH		SOLE		318,693	0	0
iShares Core S&P US Value ETF	COM	464287663	2,901	43,372	SH		SOLE		43,372	0	0
iShares Floating Rate Bond ETF	COM	46429B655	237	4,755	SH		SOLE		4,755	0	0
iShares Gold Trust ETF	COM	464285204	16,992	495,243	SH		SOLE		495,243	0	0
iShares iBonds Dec 2022 Term M	COM	46435G755	419	16,182	SH		SOLE		16,182	0	0
iShares iBonds Dec 2023 Term M	COM	46435G318	4,190	164,295	SH		SOLE		164,047	0	248
iShares iBonds Dec 2024 Term C	COM	46434VBG4	4,320	174,541	SH		SOLE		174,541	0	0
iShares iBonds Dec 2024 Term M	COM	46435U697	4,644	178,625	SH		SOLE		178,223	0	402
iShares iBonds Dec 2024 Term T	COM	46436E874	12,123	496,217	SH		SOLE		495,383	0	834
iShares iBonds Dec 2025 Term M	COM	46435U432	4,606	172,973	SH		SOLE		172,586	0	387
iShares iBonds Dec 2025 Term T	COM	46436E866	8,855	369,286	SH		SOLE		368,446	0	840
iShares iBonds Dec 2026 Term C	COM	46435GAA0	20,179	848,208	SH		SOLE		846,552	0	1,656
iShares iBonds Dec 2026 Term M	COM	46435U259	4,943	195,066	SH		SOLE		194,663	0	403
iShares iBonds Dec 2026 Term T	COM	46436E858	15,836	671,884	SH		SOLE		671,035	0	849
iShares iBonds Dec 2027 Term C	COM	46435UAA9	10,594	443,800	SH		SOLE		442,778	0	1,022
iShares iBonds Dec 2027 Term M	COM	46435U283	5,642	224,138	SH		SOLE		223,623	0	515
iShares iBonds Dec 2027 Term T	COM	46436E841	2,513	108,504	SH		SOLE		108,504	0	0
iShares iBonds Dec 2028 Term C	COM	46435U515	12,557	503,097	SH		SOLE		501,939	0	1,158
iShares iBonds Dec 2028 Term M	COM	46435U325	6,600	263,703	SH		SOLE		263,135	0	568
iShares iBonds Dec 2028 Term T	COM	46436E833	10,741	468,036	SH		SOLE		466,958	0	1,078
iShares iBonds Dec 2029 Term C	COM	46436E205	12,399	542,644	SH		SOLE		541,806	0	838
iShares iBonds Dec 2029 Term T	COM	46436E825	8,556	375,942	SH		SOLE		375,073	0	869
iShares iBonds Dec 2030 Term C	COM	46436E726	16,337	763,414	SH		SOLE		761,645	0	1,769
iShares iBonds Dec 2031 Term C	COM	46436E486	4,333	208,280	SH		SOLE		208,280	0	0
iShares iBonds December 2030 T	COM	46436e593	17,704	849,954	SH		SOLE		849,014	0	940
iShares iBoxx $ Investment Gra	COM	464287242	209	1,900	SH		SOLE		1,900	0	0
iShares MBS ETF	COM	464288588	21,893	224,563	SH		SOLE		224,058	0	505
iShares National Muni Bond ETF	COM	464288414	5,735	53,922	SH		SOLE		53,855	0	67
iShares Russell 1000 Value ETF	COM	464287598	798	5,503	SH		SOLE		5,503	0	0
iShares Russell 2000 Value ETF	COM	464287630	391	2,873	SH		SOLE		2,873	0	0
iShares US Aerospace & Defense	COM	464288760	2,497	25,177	SH		SOLE		25,177	0	0
Ivanhoe Mines Limited	COM	46579R104	265	46,325	SH		SOLE		46,058	0	267
J & J Snack Foods Corporation	COM	466032109	13,560	97,095	SH		SOLE		96,446	0	649
J & J Snack Foods Corporation	COM	466032109	1,321	9,458	SH		DFND	01	0	9,458	0
Japan Total Divend Fund - Wisd	COM	97717W851	15,962	255,685	SH		SOLE		255,685	0	0
JBS ADR	COM	466110103	174	14,353	SH		SOLE		14,353	0	0
John Bean Technologies Corpora	COM	477839104	4,644	42,055	SH		SOLE		41,790	0	265
John Bean Technologies Corpora	COM	477839104	903	8,181	SH		DFND	01	0	8,181	0
JP Morgan Chase & Company	COM	46625H100	206	1,833	SH		SOLE		1,833	0	0
Kadant Incorporated	COM	48282T104	4,607	25,267	SH		SOLE		25,129	0	138
Kadant Incorporated	COM	48282T104	1,027	5,630	SH		DFND	01	0	5,630	0
KB Financial Group Incorporate	COM	48241a105	236	6,337	SH		SOLE		6,337	0	0
Kemper Corporation	COM	488401100	214	4,470	SH		SOLE		4,470	0	0
Keurig Dr Pepper Incorporated	COM	49271V100	13,509	381,705	SH		SOLE		380,185	0	1,520
Kinder Morgan Incorporated	COM	49456B101	88,563	5,284,206	SH		SOLE		5,251,274	0	32,932
Komatsu Limited	COM	500458401	401	18,154	SH		SOLE		17,664	0	490
L'Oreal SA	COM	502117203	834	12,075	SH		SOLE		11,753	0	322
Leslie's Incorporated	COM	527064109	23,132	1,523,846	SH		SOLE		1,520,070	0	3,776
Linde PLC	COM	G5494J103	123,262	428,692	SH		SOLE		425,937	0	2,755
Localiza Rent a Car SA	COM	53956W300	243	25,943	SH		SOLE		25,943	0	0
Lockheed Martin Corporation	COM	539830109	140,625	327,065	SH		SOLE		324,751	0	2,315
Lonza Group Limited	COM	54338V101	653	12,228	SH		SOLE		11,913	0	315
Lowe's Companies Incorporated	COM	548661107	53,215	304,661	SH		SOLE		303,817	0	844
LVMH Moet Hennessy - Louis Vui	COM	502441306	959	7,846	SH		SOLE		7,643	0	203
Lynas Corporation Limited	COM	551073307	323	53,860	SH		SOLE		53,562	0	298
M&T Bank Corporation	COM	55261F104	18,572	116,522	SH		SOLE		115,969	0	553
Main Street Capital Corporatio	COM	56035L104	1,179	30,603	SH		SOLE		30,603	0	0
Main Street Capital Corporatio	COM	56035L104	4,277	111,000	SH		DFND	01	0	111,000	0
Makemytrip Limited	COM	V5633W109	267	10,416	SH		SOLE		10,416	0	0
Manatuck Hill Mariner Offshore	COM	562996983	393	2,013	SH		SOLE		2,013	0	0
Markel Corporation	COM	570535104	65,306	50,497	SH		SOLE		50,314	0	183
Markel Corporation	COM	570535104	194	150	SH		DFND	01	0	150	0
Marten Transport Limited	COM	573075108	5,285	314,207	SH		SOLE		312,248	0	1,959
Marten Transport Limited	COM	573075108	1,214	72,169	SH		DFND	01	0	72,169	0
Mastercard Incorporated	COM	57636Q104	58,411	185,150	SH		SOLE		184,579	0	571
Materion Corporation	COM	576690101	326	4,415	SH		SOLE		4,391	0	24
McDonald's Corporation	COM	580135101	20,680	83,764	SH		SOLE		83,403	0	361
Medtronic	COM	G5960L103	15,785	175,878	SH		SOLE		175,284	0	594
MGP Ingredients Incorporated	COM	55303J106	4,533	45,289	SH		SOLE		45,005	0	284
MGP Ingredients Incorporated	COM	55303J106	776	7,750	SH		DFND	01	0	7,750	0
Microsoft Corporation	COM	594918104	133,741	520,739	SH		SOLE		517,285	0	3,455
Morningstar Incorporated	COM	617700109	16,747	69,249	SH		SOLE		68,932	0	317
Morningstar Incorporated	COM	617700109	1,163	4,810	SH		DFND	01	0	4,810	0
Movado Group Incorporated	COM	624580106	4,644	150,133	SH		SOLE		149,193	0	940
Movado Group Incorporated	COM	624580106	835	27,002	SH		DFND	01	0	27,002	0
Nathan's Famous Incorporated	COM	632347100	1,251	21,364	SH		SOLE		21,254	0	110
Nathan's Famous Incorporated	COM	632347100	290	4,959	SH		DFND	01	0	4,959	0
Natus Medical Incorporated	COM	639050103	5,127	156,444	SH		SOLE		155,605	0	839
Natus Medical Incorporated	COM	639050103	347	10,596	SH		DFND	01	0	10,596	0
Neenah Paper Incorporated	COM	640079109	2,689	78,763	SH		SOLE		78,344	0	419
Neenah Paper Incorporated	COM	640079109	844	24,710	SH		DFND	01	0	24,710	0
Nestle SA	COM	641069406	124,422	1,069,011	SH		SOLE		1,061,882	0	7,129
New Jersey Resources Corporati	COM	646025106	19,107	429,076	SH		SOLE		427,035	0	2,041
New Mountain Finance Corporati	COM	647551100	896	75,193	SH		SOLE		75,193	0	0
New Mountain Finance Corporati	COM	647551100	3,906	328,000	SH		DFND	01	0	328,000	0
Nike Incorporated	COM	654106103	15,814	154,739	SH		SOLE		154,196	0	543
Nintendo Company Limited	COM	654445303	546	10,137	SH		SOLE		9,832	0	305
Nordson Corporation	COM	655663102	32,280	159,455	SH		SOLE		158,808	0	647
Northern Trust Corporation	COM	665859104	107,596	1,115,214	SH		SOLE		1,107,576	0	7,638
Northwest Natural Holding Comp	COM	66765N105	4,449	83,780	SH		SOLE		83,327	0	453
Northwest Natural Holding Comp	COM	66765N105	1,492	28,090	SH		DFND	01	0	28,090	0
Novartis AG ADR	COM	66987V109	15,769	186,547	SH		SOLE		185,597	0	950
Novo Nordisk A/S ADS	COM	670100205	1,065	9,555	SH		SOLE		9,378	0	177
NVIDIA Corporation	COM	67066G104	284	1,875	SH		SOLE		1,875	0	0
NXP Semiconductors NV	COM	N6596X109	54,826	370,370	SH		SOLE		369,054	0	1,316
Oaktree Specialty Lending Corp	COM	67401P108	598	91,258	SH		SOLE		91,258	0	0
OFS Capital Corporation	COM	67103B100	508	51,245	SH		SOLE		51,245	0	0
OFS Capital Corporation	COM	67103B100	2,659	268,000	SH		DFND	01	0	268,000	0
Oracle Corporation	COM	68389X105	67,215	961,994	SH		SOLE		959,218	0	2,776
Owl Rock Capital Corporation	COM	69121K104	980	79,448	SH		SOLE		79,448	0	0
Owl Rock Capital Corporation	COM	69121K104	1,849	150,000	SH		DFND	01	0	150,000	0
Paychex Incorporated	COM	704326107	146,353	1,285,261	SH		SOLE		1,277,029	0	8,231
PennantPark Investment Corpora	COM	708062104	408	65,985	SH		SOLE		65,985	0	0
PennantPark Investment Corpora	COM	708062104	4,054	656,000	SH		DFND	01	0	656,000	0
Pepsico Incorporated	COM	713448108	173,967	1,043,843	SH		SOLE		1,037,900	0	5,942
Perficient Incorporated	COM	71375U101	2,243	24,463	SH		SOLE		24,318	0	145
Perficient Incorporated	COM	71375U101	596	6,495	SH		DFND	01	0	6,495	0
PhenixFin Corporation	COM	71742W103	525	14,551	SH		DFND	01	0	14,551	0
Phibro Animal Health Corporati	COM	71742Q106	1,607	84,017	SH		SOLE		83,682	0	335
PIMCO 20 Plus Year Zero Coupon	COM	72201R882	542	5,000	SH		DFND	01	0	5,000	0
PIMCO Enhanced Short Maturity	COM	72201R833	235	2,375	SH		SOLE		2,375	0	0
Ping An Insurance Group Compan	COM	72341E304	151	11,015	SH		SOLE		11,015	0	0
Pioneer Natural Resources Comp	COM	723787107	438	1,962	SH		SOLE		1,949	0	13
Polaris Industries	COM	731068102	108,560	1,093,474	SH		SOLE		1,085,650	0	7,824
Portman Ridge Finance Corporat	COM	73688F201	432	18,459	SH		SOLE		18,459	0	0
Portman Ridge Finance Corporat	COM	73688F201	1,031	44,000	SH		DFND	01	0	44,000	0
Posco ADR	COM	693483109	620	13,929	SH		SOLE		13,537	0	392
PPG Industries Incorporated	COM	693506107	15,196	132,899	SH		SOLE		132,399	0	500
Procter & Gamble Company	COM	742718109	19,612	136,390	SH		SOLE		135,795	0	595
Progressive Corporation	COM	743315103	157,191	1,351,949	SH		SOLE		1,343,283	0	8,666
Prudential Financial Incorpora	COM	744320102	21	218	SH		SOLE		218	0	0
Prudential Financial Incorpora	COM	744320102	1,052	11,000	SH		DFND	01	0	11,000	0
Rayonier Incorporated	COM	754907103	108,452	2,901,350	SH		SOLE		2,881,428	0	19,922
Rayonier Incorporated	COM	754907103	1,030	27,553	SH		DFND	01	0	27,553	0
Raytheon Technologies Corporat	COM	75513E101	61,668	641,643	SH		SOLE		639,615	0	2,028
RBC Bearings Incorporated	COM	75524B104	5,071	27,420	SH		SOLE		27,251	0	169
RBC Bearings Incorporated	COM	75524B104	1,424	7,701	SH		DFND	01	0	7,701	0
RE/MAX Holdings Incorporated	COM	75524W108	13,356	544,705	SH		SOLE		542,115	0	2,590
RE/MAX Holdings Incorporated	COM	75524W108	1,265	51,572	SH		DFND	01	0	51,572	0
Rio Tinto Group	COM	767204100	1,017	16,668	SH		SOLE		16,297	0	371
Roche Holding AG	COM	771195104	514	12,314	SH		SOLE		11,952	0	362
Rockwell Automation Incorporat	COM	773903109	14,549	72,998	SH		SOLE		72,712	0	286
Royal Gold Incorporated	COM	780287108	399	3,741	SH		SOLE		3,717	0	24
S&P Global Incorporated	COM	78409V104	71,235	211,343	SH		SOLE		210,660	0	683
SAP SE	COM	803054204	422	4,647	SH		SOLE		4,507	0	140
Seabridge Gold Incorporated	COM	811916105	287	23,094	SH		SOLE		22,967	0	127
Sendas Distribuidora ADR	COM	81689T104	177	12,988	SH		SOLE		12,988	0	0
Shell PLC	COM	780259305	861	16,472	SH		SOLE		16,048	0	424
Shopify Incorporated	COM	82509L107	268	8,580	SH		SOLE		8,400	0	180
Sixth Street Specialty Lending	COM	83012A109	1,179	63,714	SH		SOLE		63,714	0	0
Sixth Street Specialty Lending	COM	83012A109	2,719	147,000	SH		DFND	01	0	147,000	0
SJW Group	COM	784305104	4,708	75,430	SH		SOLE		74,960	0	470
SJW Group	COM	784305104	1,343	21,513	SH		DFND	01	0	21,513	0
SL Green Realty	COM	78440X887	95,953	2,079,154	SH		SOLE		2,063,879	0	15,275
SMC Corporation	COM	78445W306	502	22,640	SH		SOLE		21,914	0	726
Snap-on Incorporated	COM	833034101	130,024	659,919	SH		SOLE		655,734	0	4,185
Sociedad Quimica y Minera de C	COM	833635105	311	3,719	SH		SOLE		3,696	0	23
Solar Capital Limited	COM	83413U100	1,239	84,706	SH		SOLE		84,706	0	0
Solar Capital Limited	COM	83413U100	2,721	186,000	SH		DFND	01	0	186,000	0
Sony Group Corporation	COM	835699307	798	9,755	SH		SOLE		9,561	0	194
Southern Company	COM	842587107	133,051	1,865,810	SH		SOLE		1,853,127	0	12,683
Southern Copper Corporation	COM	84265V105	324	6,505	SH		SOLE		6,466	0	39
SPDR Consumer Staples Select S	COM	81369Y308	2,320	32,139	SH		SOLE		32,139	0	0
SPDR Energy Select Sector ETF	COM	81369Y506	2,305	32,234	SH		SOLE		32,234	0	0
SPDR Gold Shares ETF	COM	78463V107	230	1,365	SH		SOLE		1,365	0	0
SPDR Health Care Select Sector	COM	81369Y209	4,148	32,343	SH		SOLE		32,343	0	0
SPDR Nuveen Barclays Capital S	COM	78468R739	702	14,849	SH		SOLE		14,849	0	0
SPDR Nuveen Bloomberg Barclays	COM	78468R721	2,837	61,853	SH		SOLE		61,703	0	150
SPDR Nuveen S&P High Yield Mun	COM	78464A284	2,800	54,500	SH		SOLE		54,500	0	0
SPDR Portfolio Developed World	COM	78463X889	26,740	927,175	SH		SOLE		927,175	0	0
SPDR Portfolio S&P 500 Growth	COM	78464A409	10,781	206,219	SH		SOLE		206,219	0	0
SPDR Portfolio S&P 500 Value E	COM	78464a508	21,223	576,411	SH		SOLE		576,411	0	0
SPDR S&P 400 Mid Cap Growth ET	COM	78464A821	3,993	65,503	SH		SOLE		65,503	0	0
SPDR S&P 400 Mid Cap Value ETF	COM	78464A839	7,923	130,960	SH		SOLE		130,960	0	0
SPDR S&P 500 ETF	COM	78462F103	8,950	23,723	SH		SOLE		23,723	0	0
SPDR S&P 600 Small Cap Growth	COM	78464A201	11,468	162,672	SH		SOLE		162,672	0	0
SPDR S&P 600 Small Cap Value E	COM	78464A300	22,528	311,112	SH		SOLE		311,112	0	0
Sprott Physical Uranium Trust	COM	85210A104	361	33,531	SH		SOLE		33,335	0	196
Starbucks Corporation	COM	855244109	56,585	740,733	SH		SOLE		738,322	0	2,410
Stellus Capital Investment	COM	858568108	175	15,727	SH		SOLE		15,727	0	0
Stellus Capital Investment	COM	858568108	2,193	197,000	SH		DFND	01	0	197,000	0
Stryker Corporation	COM	863667101	60,720	305,234	SH		SOLE		304,242	0	992
T Rowe Price Group Incorporate	COM	74144T108	84,018	739,529	SH		SOLE		734,687	0	4,842
Taiwan Semiconductor Manufactu	COM	874039100	1,147	14,027	SH		SOLE		13,756	0	271
TCP Capital Corporation	COM	09259e108	1,143	91,198	SH		SOLE		91,198	0	0
TCP Capital Corporation	COM	09259e108	4,160	332,000	SH		DFND	01	0	332,000	0
Teck Resources Limited	COM	878742204	398	13,021	SH		SOLE		12,936	0	85
Tencent Holdings Limited	COM	88032Q109	281	6,184	SH		SOLE		6,184	0	0
The Clorox Company	COM	189054109	15,812	112,158	SH		SOLE		111,740	0	418
The Mosaic Company	COM	61945C103	443	9,379	SH		SOLE		9,317	0	62
Thermo Fisher Scientific Incor	COM	883556102	55,420	102,010	SH		SOLE		101,744	0	266
Thermon Group Holdings Incorpo	COM	88362T103	3,252	231,458	SH		SOLE		230,213	0	1,245
Thermon Group Holdings Incorpo	COM	88362T103	1,082	77,011	SH		DFND	01	0	77,011	0
TJX Companies	COM	872540109	59,765	1,070,100	SH		SOLE		1,066,504	0	3,595
TotalEnergies SE	COM	89151E109	617	11,729	SH		SOLE		11,333	0	396
Trinity Capital Incorporated	COM	896442308	513	35,445	SH		SOLE		35,445	0	0
Trinity Capital Incorporated	COM	896442308	1,129	78,000	SH		DFND	01	0	78,000	0
TriplePoint Venture Growth BDC	COM	89677Y100	323	25,331	SH		SOLE		25,331	0	0
TriplePoint Venture Growth BDC	COM	89677Y100	1,083	85,000	SH		DFND	01	0	85,000	0
United Overseas Bank Limited	COM	911271302	546	14,466	SH		SOLE		14,061	0	405
US Bancorp	COM	902973304	87,995	1,912,104	SH		SOLE		1,899,564	0	12,539
Vale SA ADR	COM	91912E105	244	16,657	SH		SOLE		16,657	0	0
VanEck Vectors AMT-Free Interm	COM	92189H201	405	8,864	SH		SOLE		8,864	0	0
VanEck Vectors Long Municipal	COM	92189F536	9,348	529,316	SH		SOLE		528,031	0	1,285
Veritex Holdings	COM	923451108	4,286	146,476	SH		SOLE		145,350	0	1,126
Veritex Holdings	COM	923451108	962	32,872	SH		DFND	01	0	32,872	0
Visa Incorporated	COM	92826C839	285	1,448	SH		SOLE		1,448	0	0
Vontier Corporation	COM	928881101	8,327	362,213	SH		SOLE		359,848	0	2,365
Wal-Mart de Mexico SAB de CV	COM	93114W107	910	26,523	SH		SOLE		25,888	0	635
Waste Connections Incorporated	COM	94106B101	832	6,712	SH		SOLE		6,518	0	194
Weyerhaeuser Company	COM	962166104	94,789	2,861,975	SH		SOLE		2,840,976	0	20,999
Willis Towers Watson Public Li	COM	G96629103	711	3,601	SH		SOLE		3,509	0	92
Winnebago Industries Incorpora	COM	974637100	3,728	76,777	SH		SOLE		76,307	0	470
Winnebago Industries Incorpora	COM	974637100	1,074	22,109	SH		DFND	01	0	22,109	0
WNS Holdings Limited	COM	92932M101	276	3,696	SH		SOLE		3,696	0	0
Woodside Energy Group Ltd	COM	980228308	629	29,190	SH		SOLE		28,329	0	861
WR Berkley Corporation	COM	084423102	72,372	1,060,247	SH		SOLE		1,057,221	0	3,026
Wuxi Biologics Cayman Incorpor	COM	98260N108	364	19,947	SH		SOLE		19,947	0	0
xTrackers Municipal Infrastruc	COM	233051705	3,851	155,045	SH		SOLE		154,672	0	373
Yum China Holdings Incorporate	COM	98850P109	244	5,025	SH		SOLE		5,025	0	0
ZTO Express Cayman Incorporate	COM	98980A105	317	11,538	SH		SOLE		11,538	0	0
Zurich Insurance Group	COM	989825104	814	18,700	SH		SOLE		18,176	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:	3147435298

Number of Other Included Managers:	1
Form 13F Information table Entry Total:	369
Form 13F Information table Value Total:	6416667 (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: