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

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
12-31-2022
Check here if Amendment: ☐ Amendment Number:
This Amendment (Check only one.):☐ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
CONFLUENCE INVESTMENT MANAGEMENT LLC
Address:
20 ALLEN AVENUE, SUITE 300
ST. LOUIS, MO 63119
Form 13F File Number:
028-13334

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.


Person Signing this Report on Behalf of Reporting Manager:
Name:
Steven P. Farmer
Title:
Chief Compliance Officer
Phone:
314-743-5298


Signature, Place, and Date of Signing:

Steven P Farmer
                         [Signature]
Webster Groves, MISSOURI
                 [City, State]
01-03-2023
                           [Date]
                          

Report Type (Check only one.):

☒ 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) 

☐ 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) 

☐ 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)


Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
1
Form 13F Information table Entry Total:
368
Form 13F Information table Value Total:
6702063
          (thousands)

List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]

No.Form 13F File NumberNameCIK
28
 
06487
 


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
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
Accenture plcCOMG1151C1019643,611SHSOLE3,507 0 104
AGNC Investment Corp.COM00123q104201,958SHSOLE1,958 0 0
AGNC Investment Corp.COM00123q1041,138110,000SHDFND01 0 110,000 0
Agnico Eagle Mines Ltd.COM00847410899919,221SHSOLE18,867 0 354
AIA Group Ltd.COM0013172052455,513SHSOLE5,513 0 0
Air Products and Chemicals IncCOM00915810623,65776,743SHSOLE76,440 0 303
Albemarle Corp.COM0126531013531,626SHSOLE1,617 0 9
Alcoa Corp.COM0138721063898,552SHSOLE8,509 0 43
Allied Motion Technologies IncCOM0193301094,964142,589SHSOLE141,542 0 1,047
Allied Motion Technologies IncCOM01933010978122,425SHDFND01 0 22,425 0
Alphabet Inc.COM02079K10746,278521,563SHSOLE520,117 0 1,446
Alphabet Inc.COM02079K3052592,940SHSOLE2,940 0 0
American Express Co.COM0258161093582,421SHSOLE2,421 0 0
American Outdoor Brands Inc.COM02875D1093,084307,738SHSOLE305,610 0 2,128
American Outdoor Brands Inc.COM02875D10955355,162SHDFND01 0 55,162 0
American Water Works Co. Inc.COM03042010320,371133,649SHSOLE133,195 0 454
Amphenol Corp.COM03209510120,259266,079SHSOLE264,981 0 1,098
Analog Devices Inc.COM032654105140,068853,916SHSOLE848,289 0 5,627
Annaly Capital Management Inc.COM03571083914648SHSOLE648 0 0
Annaly Capital Management Inc.COM03571083987041,250SHDFND01 0 41,250 0
Aptiv plcCOMG6095L1095415,806SHSOLE5,606 0 200
Ares Capital Corp.COM04010L10379,0324,278,922SHSOLE4,250,713 0 28,209
Ares Capital Corp.COM04010L1034,617250,000SHDFND01 0 250,000 0
Azek Co. Inc.COM05478C1059,098447,745SHSOLE444,915 0 2,830
Azek Co. Inc.COM05478C10599548,986SHDFND01 0 48,986 0
Bank of Marin BanCorpCOM0634251023,313100,747SHSOLE100,146 0 601
Bank of Marin BanCorpCOM06342510281924,918SHDFND01 0 24,918 0
Barclays 1-3 Year Treasury BonCOM46428745742,497523,551SHSOLE523,551 0 0
Barings BDC Inc.COM06759l1031,226150,432SHSOLE150,432 0 0
Barings BDC Inc.COM06759l1033,178390,000SHDFND01 0 390,000 0
Barrick Gold Corp.COM06790110838722,528SHSOLE22,407 0 121
Becton Dickinson and Co.COM07588710919,46076,525SHSOLE76,217 0 308
Berkshire Hathaway Inc. - ACOM0846701082,3445SHSOLE5 0 0
Berkshire Hathaway Inc. - BCOM08467070259,938194,037SHSOLE193,443 0 594
Berkshire Hathaway Inc. - BCOM0846707021,3904,500SHDFND01 0 4,500 0
Black Knight Inc.COM09215C10511,294182,905SHSOLE182,250 0 655
BlackRock TCP Capital Corp.COM09259e1081,14888,740SHSOLE88,740 0 0
BlackRock TCP Capital Corp.COM09259e1084,296332,000SHDFND01 0 332,000 0
Blackstone Secured Lending FunCOM09261X10276734,318SHSOLE34,318 0 0
Blackstone Secured Lending FunCOM09261X1022,00089,500SHDFND01 0 89,500 0
BNP Paribas S.A.COM05565A20259120,746SHSOLE20,037 0 709
Booking Holdings Inc.COM09857L10835,83217,780SHSOLE17,733 0 47
Broadridge Financial SolutionsCOM11133T103109,547816,719SHSOLE811,364 0 5,355
Brookfield Asset ManagementCOM1130041058,319290,178SHSOLE289,350 0 828
Brookfield Corp.COM11271J10737,5241,192,739SHSOLE1,188,650 0 4,089
Brookfield Infrastructure CorpCOM11275Q107100,7392,589,701SHSOLE2,571,688 0 18,013
Brown & Brown Inc.COM11523610133,908595,193SHSOLE592,830 0 2,363
Brown & Brown Inc.COM11523610191416,043SHDFND01 0 16,043 0
BRP Group Inc.COM05589g10210,098401,666SHSOLE399,046 0 2,620
BRP Group Inc.COM05589g10294037,401SHDFND01 0 37,401 0
CAE Inc.COM12476510846023,801SHSOLE23,041 0 760
Cameco Corp.COM13321L10850222,164SHSOLE22,052 0 112
Cannae Holdings Inc.COM13765N1075,815281,595SHSOLE279,484 0 2,111
Cannae Holdings Inc.COM13765N10757627,876SHDFND01 0 27,876 0
Capital Southwest Corp.COM14050110771241,617SHSOLE41,617 0 0
Capital Southwest Corp.COM1405011071,21471,000SHDFND01 0 71,000 0
CarMax Inc.COM1431301028,168134,143SHSOLE133,660 0 483
Charles Schwab Corp.COM80851310522,839274,315SHSOLE273,176 0 1,139
Chesapeake Energy Corp.COM1651677355986,334SHSOLE6,299 0 35
Chevron Corp.COM166764100147,296820,638SHSOLE815,417 0 5,220
China Southern Airlines Co LtdCOM1694091092898,933SHSOLE8,933 0 0
Chubb Ltd.COMH1467J104154,236699,167SHSOLE694,097 0 5,070
Cia Brasileira de DistribuicaoCOM20440T30015048,474SHSOLE48,474 0 0
Cie Financiere Richemont S.A.COM20431910714211,007SHSOLE11,007 0 0
Cisco Systems Inc.COM17275R10296,2162,019,638SHSOLE2,006,313 0 13,325
Clarivate plcCOMG2181010926,3373,157,935SHSOLE3,145,596 0 12,339
Clorox Co.COM18905410916,477117,417SHSOLE116,920 0 496
CNH Industrial N.V.COMn2094410972845,321SHSOLE43,876 0 1,445
Colgate-Palmolive Co.COM194162103117,9801,497,399SHSOLE1,486,895 0 10,504
Commerce Bancshares Inc.COM20052510320,664303,571SHSOLE302,510 0 1,061
ConocoPhillipsCOM20825C1046035,114SHSOLE5,083 0 31
Core Laboratories N.V.COMN227171073,190157,398SHSOLE156,252 0 1,146
Core Laboratories N.V.COMN2271710776737,837SHDFND01 0 37,837 0
Costco Wholesale Corp.COM22160K105308674SHSOLE659 0 15
Coterra Energy Inc.COM12709710344217,975SHSOLE17,871 0 104
Crescent Capital BDC Inc.COM22565510930023,453SHSOLE23,453 0 0
Crescent Capital BDC Inc.COM22565510933226,000SHDFND01 0 26,000 0
Cullen/Frost Bankers Inc.COM22989910921,335159,576SHSOLE158,857 0 719
CyberArk Software Ltd.COMM2682V1088346,429SHSOLE6,228 0 201
DBS Group Holdings Ltd.COM23304y1008638,514SHSOLE8,264 0 250
Denison Mines Corp.COM248356107279242,449SHSOLE241,102 0 1,347
Diageo plcCOM25243Q205157,108881,686SHSOLE876,084 0 5,601
Diamondback Energy Inc.COM25278X1094823,522SHSOLE3,502 0 20
Digital Realty Trust Inc.COM25386810375,212750,094SHSOLE744,638 0 5,456
Dimensional National MunicipalCOM25434V84911,334237,073SHSOLE236,473 0 600
Dollar Tree Inc.COM25674610819,495137,835SHSOLE137,198 0 637
Donaldson Co Inc.COM25765110919,611333,125SHSOLE331,673 0 1,452
Dow Inc.COM26055710389,3891,773,946SHSOLE1,761,601 0 12,345
Dr Reddy's Laboratories Ltd.COM2561352032214,279SHSOLE4,279 0 0
DSV A.S.COM26251A1087899,933SHSOLE9,575 0 358
Dun & Bradstreet Holdings Inc.COM26484T10629,9362,441,760SHSOLE2,433,249 0 8,511
DuPont de Nemours Inc.COM26614N10210,599154,438SHSOLE153,897 0 541
Ecopetrol S.A.COM27915810914714,069SHSOLE14,069 0 0
Edgewell Personal Care Co.COM28035Q1024,282111,105SHSOLE110,376 0 729
Edgewell Personal Care Co.COM28035Q10277420,080SHDFND01 0 20,080 0
ENN Energy Holdings Ltd.COM26876F1022935,268SHSOLE5,268 0 0
Entergy Corp.COM29364G103101,192899,484SHSOLE892,723 0 6,761
EOG Resources Inc.COM26875P1015364,136SHSOLE4,112 0 24
Expeditors International of WaCOM30213010919,846190,978SHSOLE190,324 0 654
Exxon Mobil Corp.COM30231G1026986,328SHSOLE6,294 0 34
FARO Technologies Inc.COM3116421021,93865,884SHSOLE65,494 0 390
FARO Technologies Inc.COM31164210233711,454SHDFND01 0 11,454 0
Fastenal Co.COM311900104134,8782,850,345SHSOLE2,834,418 0 15,927
Fidelity National Financial InCOM31620R303103,7162,756,943SHSOLE2,736,611 0 20,331
Fidelity National Information COM31620M10612,570185,265SHSOLE184,503 0 762
First Eagle Alternative CapitaCOM26943B10036685,960SHSOLE85,960 0 0
First Eagle Alternative CapitaCOM26943B10031975,000SHDFND01 0 75,000 0
First Quantum Minerals Ltd.COM33593410542820,523SHSOLE20,399 0 124
Fomento Economico Mexicano S.ACOM3444191062443,126SHSOLE3,126 0 0
Forward Air Corp.COM3498531014,83846,121SHSOLE45,754 0 367
Forward Air Corp.COM3498531018418,022SHDFND01 0 8,022 0
Franco-Nevada Corp.COM3518581051,46610,742SHSOLE10,523 0 219
Franklin Street Properties CorCOM35471R1061,524558,066SHSOLE40,000 0 518,066
Freeport-McMoRan Inc.COM35671D85742711,250SHSOLE11,191 0 59
Frontdoor Inc.COM35905A1099,677465,223SHSOLE463,272 0 1,951
Frontdoor Inc.COM35905A10955326,579SHDFND01 0 26,579 0
FS KKR Capital Corp.COM30263520633218,977SHSOLE18,977 0 0
FS KKR Capital Corp.COM30263520667438,500SHDFND01 0 38,500 0
Gates Industrial Corp. plcCOMG3910810815,7771,382,733SHSOLE1,375,688 0 7,045
Gates Industrial Corp. plcCOMG3910810860452,963SHDFND01 0 52,963 0
General Dynamics Corp.COM36955010821,94988,467SHSOLE88,078 0 389
Gilead Sciences Inc.COM375558103115,5541,345,997SHSOLE1,336,936 0 9,061
Gladstone Commercial Corp.COM3765361081,74794,456SHSOLE93,712 0 744
Gladstone Commercial Corp.COM37653610862533,760SHDFND01 0 33,760 0
Glencore plcCOM37827X10061846,423SHSOLE46,111 0 312
Gold Fields Ltd.COM38059t10623422,586SHSOLE22,586 0 0
Goldman Sachs BDC Inc.COM38147U1071,02074,340SHSOLE74,340 0 0
Goldman Sachs BDC Inc.COM38147U1071,852135,000SHDFND01 0 135,000 0
Golub Capital BDC Inc.COM38173M1021,29998,738SHSOLE98,738 0 0
Golub Capital BDC Inc.COM38173M1023,290250,000SHDFND01 0 250,000 0
Graco Inc.COM38410910468,9651,025,353SHSOLE1,019,648 0 5,705
Grupo Financiero Banorte S.A.BCOM40052P1072256,272SHSOLE6,272 0 0
H World Group Ltd.COM44332N1062405,658SHSOLE5,658 0 0
Hagerty Inc.COM4051661093,493415,338SHSOLE412,470 0 2,868
Hagerty Inc.COM40516610977191,625SHDFND01 0 91,625 0
Hayward Holdings Inc.COM4212981002,971316,033SHSOLE313,652 0 2,381
Hayward Holdings Inc.COM421298100958101,935SHDFND01 0 101,935 0
HDFC Bank Ltd.COM40415F1013354,894SHSOLE4,894 0 0
Healthcare Services Group Inc.COM4219061082,579214,929SHSOLE213,302 0 1,627
Hercules Capital Inc.COM42709650882262,192SHSOLE62,192 0 0
Hercules Capital Inc.COM4270965084,495340,000SHDFND01 0 340,000 0
Hershey Co.COM42786610824,886107,464SHSOLE107,036 0 428
Hexagon A.B.COM4282631079,175881,364SHSOLE878,011 0 3,353
Home Depot Inc.COM437076102131,459416,195SHSOLE413,544 0 2,650
Honeywell International Inc.COM4385161062501,166SHSOLE1,166 0 0
i3 Verticals Inc.COM46571Y1074,091168,078SHSOLE166,977 0 1,101
i3 Verticals Inc.COM46571Y10786135,380SHDFND01 0 35,380 0
ICICI Bank Ltd.COM45104g10430513,941SHSOLE13,941 0 0
ICON plcCOMG4705A1008824,542SHSOLE4,426 0 116
Illinois Tool Works Inc.COM45230810961,920281,073SHSOLE280,255 0 818
Infosys Ltd.COM45678810895553,020SHSOLE51,761 0 1,259
ING Groep N.V.COM45683710360749,890SHSOLE48,284 0 1,606
Invesco BulletShares 2023 MuniCOM46138J5445,654224,927SHSOLE224,363 0 564
Invesco BulletShares 2024 MuniCOM46138J5365,657228,559SHSOLE227,986 0 573
Invesco BulletShares 2025 CorpCOM46138j8258,665430,221SHSOLE429,261 0 960
Invesco BulletShares 2025 MuniCOM46138J5285,685233,754SHSOLE233,168 0 586
Invesco BulletShares 2026 MuniCOM46138J5105,716243,141SHSOLE242,532 0 609
Invesco BulletShares 2027 MuniCOM46138J4946,317268,583SHSOLE267,910 0 673
Invesco BulletShares 2028 MuniCOM46138J4866,942298,840SHSOLE298,090 0 750
Invesco BulletShares 2029 MuniCOM46138J47886337,699SHSOLE37,699 0 0
Invesco BulletShares 2030 MuniCOM46138J44524511,309SHSOLE11,309 0 0
Invesco BulletShares 2031 MuniCOM46138j41124211,670SHSOLE11,670 0 0
Invesco Optimum Yield DiversifCOM46090F1007,088479,591SHSOLE479,591 0 0
iShares 1-5 Year Investment GrCOM4642886465,443109,249SHSOLE109,249 0 0
iShares Barclays 10-20 Year TrCOM46428865310,36695,825SHSOLE95,614 0 211
iShares BB Rated Corporate BonCOM46435U47340,724917,213SHSOLE917,213 0 0
iShares Core S&P 500 ETFCOM4642872004361,134SHSOLE1,134 0 0
iShares Core S&P US Value ETFCOM46428766315,194215,125SHSOLE214,883 0 242
iShares Core U.S. Aggregate BoCOM4642872261,37014,126SHSOLE14,126 0 0
iShares Gold Trust ETFCOM4642852046,853198,117SHSOLE198,023 0 94
iShares iBonds Dec 2023 Term MCOM46435G3183,071121,141SHSOLE121,141 0 0
iShares iBonds Dec 2024 Term CCOM46434VBG47,450305,092SHSOLE305,092 0 0
iShares iBonds Dec 2024 Term MCOM46435U69786533,609SHSOLE33,609 0 0
iShares iBonds Dec 2024 Term TCOM46436E87413,004545,228SHSOLE544,414 0 814
iShares iBonds Dec 2025 Term MCOM46435U43226410,002SHSOLE10,002 0 0
iShares iBonds Dec 2025 Term TCOM46436E8668,502365,202SHSOLE364,382 0 820
iShares iBonds Dec 2026 Term CCOM46435GAA019,752845,908SHSOLE844,288 0 1,620
iShares iBonds Dec 2026 Term MCOM46435U25926310,436SHSOLE10,436 0 0
iShares iBonds Dec 2026 Term TCOM46436E85820,273892,501SHSOLE890,503 0 1,998
iShares iBonds Dec 2027 Term CCOM46435UAA94,197179,582SHSOLE179,181 0 401
iShares iBonds Dec 2027 Term MCOM46435U28326210,440SHSOLE10,440 0 0
iShares iBonds Dec 2027 Term TCOM46436E84131,1391,399,777SHSOLE1,396,705 0 3,072
iShares iBonds Dec 2028 Term MCOM46435U32564425,668SHSOLE25,668 0 0
iShares iBonds Dec 2028 Term TCOM46436E83310,180463,987SHSOLE462,937 0 1,050
iShares iBonds Dec 2029 Term TCOM46436E8258,091374,762SHSOLE373,915 0 847
iShares iBonds December 2030 TCOM46436e59320,3321,040,289SHSOLE1,038,421 0 1,868
iShares National Muni Bond ETFCOM4642884144984,716SHSOLE4,716 0 0
iShares Russell 1000 Value ETFCOM4642875989,05559,708SHSOLE59,708 0 0
iShares Russell 2000 Value ETFCOM4642876301,76312,711SHSOLE12,711 0 0
iShares Silver Trust ETFCOM46428Q10933315,125SHSOLE15,052 0 73
iShares US Aerospace & DefenseCOM4642887603,24929,041SHSOLE29,041 0 0
J & J Snack Foods Corp.COM46603210911,95779,867SHSOLE79,365 0 502
J & J Snack Foods Corp.COM4660321098325,558SHDFND01 0 5,558 0
JBS S.A.COM46611010310612,484SHSOLE12,484 0 0
John Bean Technologies Corp.COM4778391043,45437,818SHSOLE37,553 0 265
John Bean Technologies Corp.COM4778391047478,181SHDFND01 0 8,181 0
JPMorgan Chase & Co.COM46625H1002511,872SHSOLE1,872 0 0
Kadant Inc.COM48282T1044,08322,984SHSOLE22,846 0 138
Kadant Inc.COM48282T1048054,530SHDFND01 0 4,530 0
KB Financial Group Inc.COM48241a1052356,089SHSOLE6,089 0 0
Kemper Corp.COM4884011002214,499SHSOLE4,499 0 0
Keurig Dr. Pepper Inc.COM49271V10013,190369,874SHSOLE368,354 0 1,520
Kinder Morgan Inc.COM49456B101100,0995,536,461SHSOLE5,502,729 0 33,732
Komatsu Ltd.COM50045840140018,541SHSOLE18,051 0 490
L'Oreal S.A.COM50211720384811,901SHSOLE11,579 0 322
Leslie's Inc.COM52706410917,3561,421,426SHSOLE1,417,149 0 4,277
Linde plcCOMG5494J103141,150432,737SHSOLE429,968 0 2,768
Localiza Rent a Car S.A.COM53956W30024424,729SHSOLE24,729 0 0
Lockheed Martin Corp.COM539830109164,507338,151SHSOLE335,799 0 2,352
Lonza GroupCOM54338V10155211,318SHSOLE11,003 0 315
Lowe's Cos. Inc.COM54866110758,676294,501SHSOLE293,663 0 838
LVMH Moet Hennessy Louis VuittCOM5024413061,0507,248SHSOLE7,045 0 203
M&T Bank Corp.COM55261F10417,179118,427SHSOLE117,898 0 529
Main Street Capital Corp.COM56035L1041,10129,794SHSOLE29,794 0 0
Main Street Capital Corp.COM56035L1044,101111,000SHDFND01 0 111,000 0
MakeMyTrip Ltd.COMV5633W10929710,785SHSOLE10,785 0 0
Manatuck Hill Mariner OffshoreCOM5629969833521,838SHSOLE1,838 0 0
Markel Corp.COM57053510462,56747,489SHSOLE47,322 0 167
Markel Corp.COM570535104198150SHDFND01 0 150 0
Marten Transport Ltd.COM5730751083,609182,458SHSOLE181,235 0 1,223
Marten Transport Ltd.COM57307510876338,555SHDFND01 0 38,555 0
Masco Corp.COM57459910651,3931,101,200SHSOLE1,097,606 0 3,594
Mastercard Inc.COM57636Q10475,707217,719SHSOLE217,062 0 657
Materion Corp.COM5766901014234,835SHSOLE4,811 0 24
Mativ Inc.COM8085411061,95193,367SHSOLE92,799 0 568
Mativ Inc.COM80854110639618,934SHDFND01 0 18,934 0
McDonald's Corp.COM58013510122,30284,627SHSOLE84,284 0 343
Medtronic plcCOMG5960L10314,438185,772SHSOLE185,157 0 615
MercadoLibre Inc.COM58733R102251297SHSOLE297 0 0
MGP Ingredients Inc.COM55303J1064,35840,966SHSOLE40,682 0 284
MGP Ingredients Inc.COM55303J1068247,750SHDFND01 0 7,750 0
Microsoft Corp.COM594918104128,826537,177SHSOLE533,698 0 3,479
Morningstar Inc.COM61770010914,76568,169SHSOLE67,852 0 317
Morningstar Inc.COM6177001097713,560SHDFND01 0 3,560 0
Mosaic Co.COM61945C10348110,957SHSOLE10,895 0 62
Movado Group Inc.COM6245801064,397136,328SHSOLE135,388 0 940
Movado Group Inc.COM62458010681125,152SHDFND01 0 25,152 0
Nestle S.A.COM641069406126,0731,093,055SHSOLE1,085,958 0 7,097
New Jersey Resources Corp.COM64602510621,785439,040SHSOLE437,093 0 1,947
New Mountain Finance Corp.COM64755110090072,776SHSOLE72,776 0 0
New Mountain Finance Corp.COM6475511004,057328,000SHDFND01 0 328,000 0
NIKE Inc.COM65410610319,183163,947SHSOLE163,245 0 702
Nintendo Co. Ltd.COM65444530352350,188SHSOLE48,663 0 1,525
Nordson Corp.COM65566310237,835159,159SHSOLE158,540 0 619
Northern Trust Corp.COM665859104102,6571,160,092SHSOLE1,152,437 0 7,655
Northwest Natural Holding Co.COM66765N1053,51673,880SHSOLE73,427 0 453
Northwest Natural Holding Co.COM66765N10587218,320SHDFND01 0 18,320 0
Novo Nordisk A.S.COM6701002051,1648,603SHSOLE8,426 0 177
Nutrien LtdCOM67077M1083705,069SHSOLE5,043 0 26
NVIDIA Corp.COM67066G1042321,585SHSOLE1,585 0 0
NXP Semiconductors N.V.COMN6596X10955,753352,800SHSOLE351,638 0 1,162
Oaktree Specialty Lending CorpCOM67401P10860287,563SHSOLE87,563 0 0
OFS Capital Corp.COM67103B10051750,930SHSOLE50,930 0 0
OFS Capital Corp.COM67103B1002,720268,000SHDFND01 0 268,000 0
Oracle Corp.COM68389X10577,843952,330SHSOLE949,418 0 2,912
Owl Rock Capital Corp.COM69121K10490778,554SHSOLE78,554 0 0
Owl Rock Capital Corp.COM69121K1041,732150,000SHDFND01 0 150,000 0
Pan American Silver CorporatioCOM69790010844126,985SHSOLE26,835 0 150
Paychex Inc.COM704326107147,8931,279,791SHSOLE1,271,582 0 8,209
PennantPark Investment Corp.COM70806210437565,246SHSOLE65,246 0 0
PennantPark Investment Corp.COM7080621043,772656,000SHDFND01 0 656,000 0
PepsiCo Inc.COM713448108186,4681,032,149SHSOLE1,026,194 0 5,954
Perficient Inc.COM71375U1014,07758,388SHSOLE57,987 0 401
Perficient Inc.COM71375U10183912,009SHDFND01 0 12,009 0
PhenixFIN Corp.COM71742W10345314,551SHDFND01 0 14,551 0
PIMCO 20 Plus Year Zero CouponCOM72201R8827,19682,404SHSOLE82,404 0 0
PIMCO 20 Plus Year Zero CouponCOM72201R8824375,000SHDFND01 0 5,000 0
Pioneer Natural Resources Co.COM7237871074802,101SHSOLE2,088 0 13
Polaris Inc.COM731068102113,3801,122,571SHSOLE1,114,519 0 8,052
Portman Ridge Finance Corp.COM73688F20141317,938SHSOLE17,938 0 0
Portman Ridge Finance Corp.COM73688F2011,01244,000SHDFND01 0 44,000 0
POSCO Holdings Inc.COM69348310973313,449SHSOLE13,057 0 392
Powershares Insured National MCOM46138E5378,623375,894SHSOLE374,951 0 943
Procter & Gamble Co.COM74271810921,303140,561SHSOLE139,998 0 563
Progressive Corp.COM743315103167,4841,291,221SHSOLE1,282,736 0 8,485
Prudential Financial Inc.COM74432010222218SHSOLE218 0 0
Prudential Financial Inc.COM7443201021,09411,000SHDFND01 0 11,000 0
PT Astra International TbkCOM69367X10915021,206SHSOLE21,206 0 0
Rayonier Inc.COM75490710397,3912,954,826SHSOLE2,934,680 0 20,146
Rayonier Inc.COM7549071033189,653SHDFND01 0 9,653 0
Raytheon Technologies Corp.COM75513E10164,011634,278SHSOLE632,249 0 2,029
RBC Bearings Inc.COM75524B1044,70722,485SHSOLE22,316 0 169
RBC Bearings Inc.COM75524B1047383,527SHDFND01 0 3,527 0
RE/MAX Holdings Inc.COM75524W10810,607569,060SHSOLE566,510 0 2,550
RE/MAX Holdings Inc.COM75524W10832417,400SHDFND01 0 17,400 0
Rio Tinto plcCOM7672041001,22417,195SHSOLE16,824 0 371
Roche Holding A.G.COM77119510447712,180SHSOLE11,818 0 362
Rockwell Automation Inc.COM77390310919,54975,900SHSOLE75,578 0 322
Royal Gold Inc.COM7802871084574,052SHSOLE4,028 0 24
S&P Global Inc.COM78409V10470,055209,155SHSOLE208,475 0 680
SAP S.E.COM8030542044854,697SHSOLE4,557 0 140
Sendas Distribuidora S.A.COM81689T10422712,413SHSOLE12,413 0 0
Shell plcCOM78025930589015,634SHSOLE15,210 0 424
Sherwin-Williams Co.COM82434810620,12484,792SHSOLE84,429 0 363
Shopify Inc.COM82509L1073118,955SHSOLE8,775 0 180
Sixth Street Specialty LendingCOM83012A1091,29172,540SHSOLE72,540 0 0
Sixth Street Specialty LendingCOM83012A1092,617147,000SHDFND01 0 147,000 0
SJW GroupCOM7843051045,56068,482SHSOLE68,012 0 470
SJW GroupCOM78430510485410,514SHDFND01 0 10,514 0
SL Green Realty Corp.COM78440X88770,1452,080,208SHSOLE2,065,044 0 15,164
SLR Investment Corp.COM83413U1001,03674,451SHSOLE74,451 0 0
SLR Investment Corp.COM83413U1002,240161,000SHDFND01 0 161,000 0
SMC Corp.COM78445W30646622,394SHSOLE21,668 0 726
Snap-on Inc.COM833034101149,815655,676SHSOLE651,543 0 4,133
Sociedad Quimica y Minera de CCOM8336351053394,248SHSOLE4,225 0 23
Sony Group Corp.COM8356993077029,199SHSOLE9,005 0 194
Southern Co.COM842587107134,4531,882,833SHSOLE1,870,111 0 12,722
Southern Copper Corp.COM84265V1054377,233SHSOLE7,194 0 39
Southwestern Energy Co.COM84546710931754,224SHSOLE53,925 0 299
SPDR Consumer Staples Select SCOM81369Y3082,79537,496SHSOLE37,496 0 0
SPDR Energy Select Sector ETFCOM81369Y5063,21636,771SHSOLE36,771 0 0
SPDR Gold Shares ETFCOM78463V1072381,402SHSOLE1,402 0 0
SPDR Health Care Select SectorCOM81369Y2095,05637,215SHSOLE37,215 0 0
SPDR Nuveen Barclays Capital SCOM78468R7396,172131,369SHSOLE131,369 0 0
SPDR Nuveen S&P High Yield MunCOM78464A2846,976142,451SHSOLE142,451 0 0
SPDR Portfolio Intermediate TeCOM78464A3758,295260,604SHSOLE260,026 0 578
SPDR Portfolio Mortgage BackedCOM78464A38354,1842,496,970SHSOLE2,491,812 0 5,158
SPDR Portfolio S&P 500 Growth COM78464A4095,861115,663SHSOLE115,663 0 0
SPDR Portfolio S&P 500 Value ECOM78464a50812,028309,274SHSOLE309,274 0 0
SPDR S&P 400 Mid Cap Growth ETCOM78464A82120,193309,048SHSOLE309,048 0 0
SPDR S&P 400 Mid Cap Value ETFCOM78464A83940,223621,493SHSOLE621,493 0 0
SPDR S&P 500 ETFCOM78462F10311,44129,916SHSOLE29,916 0 0
SPDR S&P 600 Small Cap Growth COM78464A2018,612119,211SHSOLE119,211 0 0
SPDR S&P 600 Small Cap Value ECOM78464A30016,489222,159SHSOLE222,159 0 0
Spectrum Brands Holdings Inc.COM84790a10510,475171,941SHSOLE170,908 0 1,033
Spectrum Brands Holdings Inc.COM84790a1051,26720,798SHDFND01 0 20,798 0
Sprott Physical Uranium Trust COM85210A10442436,255SHSOLE36,059 0 196
Starbucks Corp.COM85524410973,107736,967SHSOLE734,380 0 2,587
Stellus Capital Investment CorCOM85856810820315,318SHSOLE15,318 0 0
Stellus Capital Investment CorCOM8585681082,612197,000SHDFND01 0 197,000 0
Stewart Information ServicesCOM8603721011,95545,750SHSOLE45,417 0 333
Stewart Information ServicesCOM8603721014109,587SHDFND01 0 9,587 0
Stryker Corp.COM86366710175,003306,775SHSOLE305,826 0 949
T. Rowe Price Group Inc.COM74144T108121,0751,110,166SHSOLE1,102,606 0 7,560
Taiwan Semiconductor ManufactuCOM87403910095812,865SHSOLE12,594 0 271
Tencent Holdings Ltd.COM88032Q1092556,031SHSOLE6,031 0 0
Thermo Fisher Scientific Inc.COM88355610253,92797,926SHSOLE97,658 0 268
TJX Cos. Inc.COM87254010983,5051,049,062SHSOLE1,045,529 0 3,532
TotalEnergies S.E.COM89151E10972411,663SHSOLE11,267 0 396
Trinity Capital Inc.COM89644230838735,373SHSOLE35,373 0 0
Trinity Capital Inc.COM89644230885378,000SHDFND01 0 78,000 0
TriplePoint Venture Growth BDCCOM89677Y10036535,038SHSOLE35,038 0 0
TriplePoint Venture Growth BDCCOM89677Y1001,095105,000SHDFND01 0 105,000 0
U.S. BancorpCOM90297330486,3531,980,111SHSOLE1,967,249 0 12,862
United Overseas Bank Ltd.COM91127130268114,879SHSOLE14,474 0 405
Uranium Energy Corp.COM91689610330979,628SHSOLE79,187 0 441
Vale S.A.COM91912E10523914,094SHSOLE14,094 0 0
VanEck Vectors Long Municipal COM92189F5361,20969,245SHSOLE69,245 0 0
Vanguard Emerging Markets StocCOM9220428582305,909SHSOLE5,909 0 0
Veritex Holdings Inc.COM9234511083,746133,393SHSOLE132,267 0 1,126
Veritex Holdings Inc.COM92345110878027,772SHDFND01 0 27,772 0
Visa Inc.COM92826C8392971,430SHSOLE1,430 0 0
Vista Energy S.A.B. de C.V.COM92837L10932420,661SHSOLE20,661 0 0
Vontier Corp.COM9288811015,128265,276SHSOLE263,720 0 1,556
W. R. Berkley Corp.COM08442310246,881646,010SHSOLE644,108 0 1,902
Wal-Mart de Mexico S.A.B. de CCOM93114W10791325,971SHSOLE25,336 0 635
Waste Connections Inc.COM94106B1018906,714SHSOLE6,520 0 194
Weyerhaeuser Co.COM96216610491,5022,951,672SHSOLE2,930,398 0 21,274
Wheaton Precious Metals Corp.COM96287910252413,403SHSOLE13,342 0 61
Willis Towers Watson plcCOMG966291038703,558SHSOLE3,466 0 92
Winnebago Industries Inc.COM9746371003,69070,023SHSOLE69,553 0 470
Winnebago Industries Inc.COM97463710074914,208SHDFND01 0 14,208 0
WNS Holdings Ltd.COM92932M1012763,450SHSOLE3,450 0 0
Woodside Energy Group Ltd.COM98022830870729,196SHSOLE28,335 0 861
Wuxi Biologics Cayman Inc.COM98260N10830320,112SHSOLE20,112 0 0
Yum China Holdings Inc.COM98850P1092594,745SHSOLE4,745 0 0
ZTO Express Cayman Inc.COM98980A10530211,253SHSOLE11,253 0 0
Zurich Insurance Group A.G.COM98982510488418,472SHSOLE17,948 0 524