CONFLUENCE INVESTMENT MANAGEMENT LLC Q3 2016 Filing

Filed November 4, 2016

Portfolio Value

$3.8T

Holdings

223

Report Date

Q3 2016

Filing Type

13F-HR

All Holdings (223 positions)

#	Stock	Shares	Value	% Portfolio
101	NKENike Inc. - B	162,275	$8.5B	0.22%
102	MBBiShares MBS Bond ETF	77,165	$8.5B	0.22%
103	TPVGTriplepoint Venture Growth BDC	744,583	$7.9B	0.21%
104	GOOGLAlphabet Inc. Class - A	9,807	$7.9B	0.21%
105	TFISPDR Nuveen Barclays Capital M	147,312	$7.4B	0.19%
106	IJJS&P MidCap 400 Value Index Fun	55,203	$7.3B	0.19%
107	TSLXUSDTPG Specialty Lending Inc Com	389,220	$7.0B	0.18%
108	—iShares Corporate ex Financial	282,369	$7.0B	0.18%
109	IYWDow Jones US Technology - iSha	59,055	$7.0B	0.18%
110	PNNTPennantPark Investment Corp.	911,964	$6.9B	0.18%
111	—CYS Investments Inc	774,326	$6.8B	0.18%
112	VCLTVanguard Long Term Corporate B	68,080	$6.5B	0.17%
113	PDCOEURPatterson Companies Inc.	128,221	$5.9B	0.15%
114	—American Capital Ltd.	347,780	$5.9B	0.15%
115	IGIBiShares Interm. Term Corporate	52,293	$5.8B	0.15%
116	IJKS&P MidCap 400 Growth Index Fu	32,199	$5.6B	0.15%
117	REZiShares Residential Real Estat	84,527	$5.5B	0.14%
118	IWNRussell 2000 Value Index - iSh	52,279	$5.5B	0.14%
119	—iShares iBonds Dec 2022 AMT-F	199,131	$5.2B	0.14%
120	IWPRussell Midcap Growth Index Fu	53,290	$5.2B	0.14%
121	IWORussell 2000 Growth Index - iS	34,620	$5.2B	0.13%
122	OFSOFS Capital Corp.	375,233	$4.9B	0.13%
123	—Black Knight Financial Service	118,765	$4.9B	0.13%
124	IJTS&P SmallCap 600 Growth Index	34,166	$4.7B	0.12%
125	XLEEnergy Select Sector - SPDR	65,908	$4.7B	0.12%
126	VBKSmall Cap Growth - Vanguard ET	34,142	$4.5B	0.12%
127	MCCUSDMedley Capital Corp.	587,221	$4.5B	0.12%
128	MAINMain Street Capital Corp.	130,443	$4.5B	0.12%
129	SCMStellus Capital Investment	405,736	$4.4B	0.12%
130	—Guggenheim BulletShares Corpor	205,245	$4.4B	0.11%
131	—Guggenheim BulletShares Invest	200,885	$4.3B	0.11%
132	NLYEURAnnaly Capital Management Inc.	411,902	$4.3B	0.11%
133	—Guggenheim BulletShares Invest	199,667	$4.3B	0.11%
134	—Guggenheim BulletShares Corpor	197,080	$4.3B	0.11%
135	—Guggenheim BulletShares Corpor	198,987	$4.3B	0.11%
136	IJSS&P SmallCap 600 Value Index F	33,962	$4.2B	0.11%
137	—Guggenheim BulletShares Corpor	197,690	$4.2B	0.11%
138	IEIBarclays 3-7 Year Treasury Bon	32,815	$4.2B	0.11%
139	XLYConsumer Discret Select Sector	51,425	$4.1B	0.11%
140	GQ9Gold Shares - SPDR	31,846	$4.0B	0.10%
141	FSICUSDFS Investment Corp.	419,870	$4.0B	0.10%
142	VNQREIT Index - Vanguard	45,359	$3.9B	0.10%
143	VAREURVarian Medical Systems Inc.	38,371	$3.8B	0.10%
144	MUBiShares National AMT-Free Muni	31,176	$3.5B	0.09%
145	IGLBiShares 10+ Year Credit Bond E	55,254	$3.5B	0.09%
146	—iShares iBonds Sep 2020 Amt Fr	135,018	$3.5B	0.09%
147	—iShares iBonds Dec 2021 AMT-Fr	133,895	$3.5B	0.09%
148	—VCA Antech Inc.	48,543	$3.4B	0.09%
149	HLTHilton Worldwide Holdings Inc	141,110	$3.2B	0.08%
150	—Apollo Investment Corp.	551,102	$3.2B	0.08%
151	IYFDow Jones US Financial Sector	33,472	$3.0B	0.08%
152	SPYS&P 500 - SPDR	13,407	$2.9B	0.08%
153	JBTJohn Bean Technologies Corp.	40,200	$2.8B	0.07%
154	—Natus Medical Inc	71,809	$2.8B	0.07%
155	GSBDGoldman Sachs BDC Inc.	128,679	$2.8B	0.07%
156	—Monotype Imaging Holdings Inc	124,386	$2.8B	0.07%
157	XLVHealth Care Select Sector - SP	37,725	$2.7B	0.07%
158	XLFIConsumer Staples Select Sector	50,007	$2.7B	0.07%
159	XLIIndustrial Select Sector - SPD	45,266	$2.6B	0.07%
160	—Raven Industries Inc	114,352	$2.6B	0.07%
161	—Alcentra Capital Corporation	190,912	$2.5B	0.06%
162	—Snyders-Lance Inc	72,721	$2.4B	0.06%
163	—iShares iBonds Sep 2019 Amt Fr	94,788	$2.4B	0.06%
164	TECHTechne Corp.	21,675	$2.4B	0.06%
165	BKCCUSDBlackRock Kelso Capital Corp.	285,840	$2.4B	0.06%
166	BMRCBank of Marin (CA)	46,843	$2.3B	0.06%
167	FELEFranklin Electric Co. Inc.	57,181	$2.3B	0.06%
168	GOODGladstone Commercial Corp.	124,772	$2.3B	0.06%
169	—Onebeacon Insurance Group Ltd	161,409	$2.3B	0.06%
170	PTBPotbelly Corp	182,836	$2.3B	0.06%
171	—Halyard Health Inc	65,137	$2.3B	0.06%
172	MLIMueller Industries Inc.	69,273	$2.2B	0.06%
173	FWRDUSDForward Air Corp.	48,808	$2.1B	0.06%
174	THRThermon Group Holdings Inc	105,154	$2.1B	0.05%
175	PFLTPennantPark Floating Rate Capi	154,266	$2.0B	0.05%
176	HAEHaemonetics Corporation	56,190	$2.0B	0.05%
177	EXPOExponent Inc.	38,916	$2.0B	0.05%
178	—CM Finance Inc	215,557	$2.0B	0.05%
179	LSTRLandstar System Inc.	25,288	$1.7B	0.04%
180	—KCAP Financial Inc	340,472	$1.6B	0.04%
181	CODICompass Diversified Holdings	88,200	$1.5B	0.04%
182	—Solar Senior Capital Ltd.	87,967	$1.4B	0.04%
183	NATLNational Interstate Corporatio	43,778	$1.4B	0.04%
184	GAINGladstone Investment Corp.	142,533	$1.3B	0.03%
185	RBCRBC Bearings Incorporated	16,163	$1.2B	0.03%
186	CULPCulp Inc.	40,062	$1.2B	0.03%
187	IAUUSDGold Trust - iShares	93,048	$1.2B	0.03%
188	BRK-BBerkshire Hathaway Inc. - Clas	5	$1.1B	0.03%
189	IGSBiShares Barclays 1-3 Year Inve	9,988	$1.1B	0.03%
190	—Capstead Mortgage Corp.	110,509	$1.0B	0.03%
191	IVVS&P 500 Index Fund - iShares	4,645	$1.0B	0.03%
192	—Capitala Finance Corp	66,295	$869.0M	0.02%
193	DLNWisdomTree LargeCap Dividend F	10,419	$802.0M	0.02%
194	FSPFranklin Street Properties Cor	60,000	$756.0M	0.02%
195	IDV*Dow Jones U.S. Select Dividend	13,950	$418.0M	0.01%
196	—Piedmont Natural Gas Co. Inc.	6,581	$395.0M	0.01%
197	—Manatuck Hill Mariner Offshore	2,813	$385.0M	0.01%
198	—Silver Wheaton Corp.	14,192	$384.0M	0.01%
199	BUDAnheuser-Busch InBev SA/NV	2,690	$353.0M	0.01%
200	MFINMedallion Financial Corp	83,353	$352.0M	0.01%

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