Instuitional Investor - Confluence Investment Management Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Ishares 0-3 Month Treasury Bon		2,599,958	$261,815,799	3.74%
2.	Snap-On Inc	SNA	492,183	$170,556,002	2.43%
3.	Wec Energy Group Inc.	WEC	1,390,656	$159,355,242	2.27%
4.	Fastenal Co	FAST	3,214,964	$157,661,858	2.25%
5.	Northern Trust Corp	NTRS	1,157,462	$155,794,412	2.22%