| 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 |
| Access National Corp | COM | 004337101 | 874 | 44,808 | SH | | SOLE | | 8 | 0 | 44,800 |
| Agree Realty Corp | COM | 008492100 | 1,006 | 20,846 | SH | | SOLE | | 6 | 0 | 20,840 |
| Allied Motion Technologies Inc | COM | 019330109 | 918 | 39,457 | SH | | SOLE | | 10 | 0 | 39,447 |
| Almost Family Inc | COM | 020409108 | 887 | 20,806 | SH | | SOLE | | 6 | 0 | 20,800 |
| American Software Inc Cl A | COM | 029683109 | 941 | 89,758 | SH | | SOLE | | 24 | 0 | 89,734 |
| Ametek Inc | COM | 031100100 | 1,324 | 28,632 | SH | | SOLE | | 28,632 | 0 | 0 |
| Amphenol Corp Cl A | COM | 032095101 | 1,529 | 26,667 | SH | | SOLE | | 14,667 | 0 | 12,000 |
| AmSurg Corp | COM | 03232p405 | 1,733 | 22,350 | SH | | SOLE | | 22,350 | 0 | 0 |
| Ani Pharmaceuticals Inc | COM | 00182c103 | 927 | 16,605 | SH | | SOLE | | 5 | 0 | 16,600 |
| Apple Inc | COM | 037833100 | 1,224 | 12,800 | SH | | SOLE | | 12,800 | 0 | 0 |
| Argan Inc | COM | 04010e109 | 1,279 | 30,665 | SH | | SOLE | | 8 | 0 | 30,657 |
| Armada Hoffler Properties Inc | COM | 04208t108 | 1,331 | 96,903 | SH | | SOLE | | 451 | 0 | 96,452 |
| Arrow Financial Corp | COM | 042744102 | 857 | 28,307 | SH | | SOLE | | 7 | 0 | 28,300 |
| Autoliv Inc | COM | 052800109 | 2,130 | 19,819 | SH | | SOLE | | 18,319 | 0 | 1,500 |
| AutoZone Inc | COM | 053332102 | 3,592 | 4,525 | SH | | SOLE | | 3,628 | 0 | 897 |
| Avid Technology Inc | COM | 05367p100 | 884 | 152,234 | SH | | SOLE | | 34 | 0 | 152,200 |
| Ball Corp | COM | 058498106 | 1,621 | 22,423 | SH | | SOLE | | 22,423 | 0 | 0 |
| Bank of Marin Bancorp | COM | 063425102 | 829 | 17,129 | SH | | SOLE | | 5 | 0 | 17,124 |
| BioSpecifics Technologies Corp | COM | 090931106 | 782 | 19,592 | SH | | SOLE | | 6 | 0 | 19,586 |
| Bryn Mawr Bank Corp | COM | 117665109 | 818 | 28,022 | SH | | SOLE | | 7 | 0 | 28,015 |
| CBIZ Inc | COM | 124805102 | 1,036 | 99,552 | SH | | SOLE | | 26 | 0 | 99,526 |
| Century Communities Inc | COM | 156504300 | 739 | 42,611 | SH | | SOLE | | 11 | 0 | 42,600 |
| Chase Corp | COM | 16150r104 | 1,125 | 19,038 | SH | | SOLE | | 5 | 0 | 19,033 |
| Chesapeake Utilities Corp | COM | 165303108 | 754 | 11,393 | SH | | SOLE | | 3 | 0 | 11,390 |
| Cisco Systems Inc | COM | 17275r102 | 1,564 | 54,501 | SH | | SOLE | | 54,501 | 0 | 0 |
| City Holding Co | COM | 177835105 | 712 | 15,667 | SH | | SOLE | | 56 | 0 | 15,611 |
| Comcast Corp Cl A | COM | 20030n101 | 3,290 | 50,461 | SH | | SOLE | | 39,461 | 0 | 11,000 |
| CPI Card Group Inc | COM | 12634h101 | 952 | 190,051 | SH | | SOLE | | 42 | 0 | 190,009 |
| CRH Medical Corp | COM | 12626f105 | 1,076 | 275,076 | SH | | SOLE | | 76 | 0 | 275,000 |
| Crown Crafts Inc | COM | 228309100 | 1,141 | 120,626 | SH | | SOLE | | 26 | 0 | 120,600 |
| CVS Health Corp | COM | 126650100 | 2,649 | 27,667 | SH | | SOLE | | 21,767 | 0 | 5,900 |
| Danaher Corp | COM | 235851102 | 3,874 | 38,357 | SH | | SOLE | | 29,887 | 0 | 8,470 |
| Davita Healthcare Partners Inc | COM | 23918k108 | 1,587 | 20,522 | SH | | SOLE | | 20,522 | 0 | 0 |
| Deluxe Corp | COM | 248019101 | 1,676 | 25,251 | SH | | SOLE | | 25,251 | 0 | 0 |
| Dhi Group Inc | COM | 23331s100 | 899 | 144,305 | SH | | SOLE | | 35 | 0 | 144,270 |
| Diamond Hill Investment Group | COM | 25264r207 | 813 | 4,314 | SH | | SOLE | | 14 | 0 | 4,300 |
| Disney Walt Co Disney | COM | 254687106 | 2,865 | 29,287 | SH | | SOLE | | 22,457 | 0 | 6,830 |
| Douglas Dynamics Inc | COM | 25960r105 | 1,538 | 59,759 | SH | | SOLE | | 259 | 0 | 59,500 |
| Dun & Bradstreet Corp | COM | 26483e100 | 1,646 | 13,514 | SH | | SOLE | | 13,514 | 0 | 0 |
| Ecolab Inc | COM | 278865100 | 1,755 | 14,800 | SH | | SOLE | | 14,800 | 0 | 0 |
| Elbit Systems Ltd | COM | m3760d101 | 2,121 | 23,324 | SH | | SOLE | | 23,324 | 0 | 0 |
| EMC Ins Group Inc | COM | 268664109 | 919 | 33,170 | SH | | SOLE | | 10 | 0 | 33,160 |
| Entercom Communications Corp C | COM | 293639100 | 1,245 | 91,730 | SH | | SOLE | | 22 | 0 | 91,708 |
| Enterprise Financial Services | COM | 293712105 | 851 | 30,509 | SH | | SOLE | | 9 | 0 | 30,500 |
| ePlus Inc | COM | 294268107 | 875 | 10,703 | SH | | SOLE | | 3 | 0 | 10,700 |
| Equifax Inc | COM | 294429105 | 3,649 | 28,415 | SH | | SOLE | | 22,715 | 0 | 5,700 |
| Express Scripts Holding Co | COM | 30219g108 | 2,801 | 36,951 | SH | | SOLE | | 27,751 | 0 | 9,200 |
| FactSet Research Systems Inc | COM | 303075105 | 1,813 | 11,231 | SH | | SOLE | | 11,231 | 0 | 0 |
| Federated Natl Holding Co | COM | 31422t101 | 732 | 38,434 | SH | | SOLE | | 10 | 0 | 38,424 |
| Financial Instns Inc | COM | 317585404 | 804 | 30,835 | SH | | SOLE | | 9 | 0 | 30,826 |
| Fiserv Inc | COM | 337738108 | 3,921 | 36,058 | SH | | SOLE | | 28,536 | 0 | 7,522 |
| Fonar Corp | COM | 344437405 | 1,297 | 63,686 | SH | | SOLE | | 20 | 0 | 63,666 |
| Gartner Inc | COM | 366651107 | 1,852 | 19,018 | SH | | SOLE | | 19,018 | 0 | 0 |
| General Dynamics Corp | COM | 369550108 | 3,146 | 22,593 | SH | | SOLE | | 17,083 | 0 | 5,510 |
| Gilead Sciences Inc | COM | 375558103 | 1,293 | 15,500 | SH | | SOLE | | 15,500 | 0 | 0 |
| Globalscape Inc Com | COM | 37940g109 | 605 | 164,057 | SH | | SOLE | | 41 | 0 | 164,016 |
| Golub Cap BDC Inc | COM | 38173m102 | 812 | 44,958 | SH | | SOLE | | 159 | 0 | 44,799 |
| GP Strategies Corp | COM | 36225v104 | 705 | 32,485 | SH | | SOLE | | 10 | 0 | 32,475 |
| Gray Television Inc | COM | 389375106 | 859 | 79,186 | SH | | SOLE | | 205 | 0 | 78,981 |
| Great Ajax Corp | COM | 38983d300 | 1,418 | 102,222 | SH | | SOLE | | 22 | 0 | 102,200 |
| Great Southern Bancorp Inc | COM | 390905107 | 658 | 17,805 | SH | | SOLE | | 5 | 0 | 17,800 |
| Hackett Group Inc | COM | 404609109 | 1,266 | 91,304 | SH | | SOLE | | 21 | 0 | 91,283 |
| HCI Group Inc | COM | 40416e103 | 792 | 29,027 | SH | | SOLE | | 7 | 0 | 29,020 |
| Hennessy Advisors Inc | COM | 425885100 | 1,121 | 33,490 | SH | | SOLE | | 9 | 0 | 33,481 |
| Henry Jack & Assoc Inc | COM | 426281101 | 1,878 | 21,519 | SH | | SOLE | | 21,519 | 0 | 0 |
| Hingham Inst Savings MA | COM | 433323102 | 806 | 6,556 | SH | | SOLE | | 2 | 0 | 6,554 |
| Honeywell Intl Inc | COM | 438516106 | 1,977 | 17,000 | SH | | SOLE | | 17,000 | 0 | 0 |
| IHS Inc Cl A | COM | 451734107 | 1,522 | 13,164 | SH | | SOLE | | 13,164 | 0 | 0 |
| Infusystem Holdings Inc | COM | 45685k102 | 562 | 216,264 | SH | | SOLE | | 57 | 0 | 216,207 |
| Insteel Industries Inc | COM | 45774w108 | 887 | 31,008 | SH | | SOLE | | 8 | 0 | 31,000 |
| Insurance Holdings Inc | COM | 91359v107 | 1,100 | 59,201 | SH | | SOLE | | 476 | 0 | 58,725 |
| Inuvo Inc | COM | 46122w204 | 235 | 168,014 | SH | | SOLE | | 0 | 0 | 168,014 |
| Iradimed Corp | COM | 46266a109 | 1,248 | 57,347 | SH | | SOLE | | 14 | 0 | 57,333 |
| Johnson & Johnson | COM | 478160104 | 3,382 | 27,880 | SH | | SOLE | | 21,530 | 0 | 6,350 |
| Kadant Inc | COM | 48282t104 | 1,221 | 23,712 | SH | | SOLE | | 7 | 0 | 23,705 |
| Kforce Inc | COM | 493732101 | 764 | 45,225 | SH | | SOLE | | 126 | 0 | 45,099 |
| Kingstone Cos Inc | COM | 496719105 | 511 | 57,715 | SH | | SOLE | | 12 | 0 | 57,703 |
| Lakeland Financial Corp | COM | 511656100 | 841 | 17,888 | SH | | SOLE | | 59 | 0 | 17,829 |
| Lam Research Corp | COM | 512807108 | 1,542 | 18,347 | SH | | SOLE | | 9,927 | 0 | 8,420 |
| Landmark Bancorp Inc | COM | 51504l107 | 853 | 33,664 | SH | | SOLE | | 9 | 0 | 33,655 |
| Lear Corp | COM | 521865204 | 3,020 | 29,678 | SH | | SOLE | | 22,438 | 0 | 7,240 |
| LHC Group Inc | COM | 50187a107 | 994 | 22,966 | SH | | SOLE | | 66 | 0 | 22,900 |
| Lionbridge Technologies Inc | COM | 536252109 | 709 | 179,550 | SH | | SOLE | | 50 | 0 | 179,500 |
| MainSource Financial Group Inc | COM | 56062y102 | 882 | 40,011 | SH | | SOLE | | 11 | 0 | 40,000 |
| MasterCard Inc Cl A | COM | 57636q104 | 2,993 | 33,985 | SH | | SOLE | | 27,115 | 0 | 6,870 |
| Medifast Inc | COM | 58470h101 | 625 | 18,800 | SH | | SOLE | | 0 | 0 | 18,800 |
| MeetMe Inc | COM | 585141104 | 1,508 | 282,882 | SH | | SOLE | | 82 | 0 | 282,800 |
| Mesa Laboratories Inc | COM | 59064r109 | 817 | 6,640 | SH | | SOLE | | 2 | 0 | 6,638 |
| Moodys Corp | COM | 615369105 | 2,613 | 27,880 | SH | | SOLE | | 21,980 | 0 | 5,900 |
| Multi Color Corp | COM | 625383104 | 764 | 12,048 | SH | | SOLE | | 42 | 0 | 12,006 |
| Nathans Famous Inc | COM | 632347100 | 1,148 | 25,787 | SH | | SOLE | | 7 | 0 | 25,780 |
| National Presto Industries Inc | COM | 637215104 | 906 | 9,603 | SH | | SOLE | | 3 | 0 | 9,600 |
| Natural Health Trends Corp | COM | 63888p406 | 1,290 | 45,765 | SH | | SOLE | | 11 | 0 | 45,754 |
| Nautilus Inc | COM | 63910b102 | 874 | 49,014 | SH | | SOLE | | 14 | 0 | 49,000 |
| NCI Inc Cl A | COM | 62886k104 | 1,016 | 72,334 | SH | | SOLE | | 18 | 0 | 72,316 |
| Neenah Paper Inc | COM | 640079109 | 841 | 11,619 | SH | | SOLE | | 39 | 0 | 11,580 |
| NeoPhotonics Corp | COM | 64051t100 | 657 | 68,920 | SH | | SOLE | | 20 | 0 | 68,900 |
| Net 1 UEPS Technologies Inc | COM | 64107n206 | 860 | 86,102 | SH | | SOLE | | 112 | 0 | 85,990 |
| New York Mtg Tr Inc | COM | 649604501 | 800 | 131,133 | SH | | SOLE | | 34 | 0 | 131,099 |
| Nv5 Global Inc | COM | 62945v109 | 1,105 | 38,870 | SH | | SOLE | | 11 | 0 | 38,859 |
| Omega Flex Inc | COM | 682095104 | 903 | 23,740 | SH | | SOLE | | 6 | 0 | 23,734 |
| Omega Protein Corp | COM | 68210p107 | 1,150 | 57,514 | SH | | SOLE | | 14 | 0 | 57,500 |
| Omnicom Group Inc | COM | 681919106 | 3,527 | 43,281 | SH | | SOLE | | 33,561 | 0 | 9,720 |
| Oracle Corp | COM | 68389x105 | 1,396 | 34,111 | SH | | SOLE | | 34,111 | 0 | 0 |
| Orchids Paper Prods Co | COM | 68572n104 | 729 | 20,505 | SH | | SOLE | | 5 | 0 | 20,500 |
| PDL BioPharma Inc | COM | 69329y104 | 861 | 274,065 | SH | | SOLE | | 65 | 0 | 274,000 |
| Penns Woods Bancorp Inc | COM | 708430103 | 717 | 17,085 | SH | | SOLE | | 5 | 0 | 17,080 |
| PepsiCo Inc | COM | 713448108 | 1,754 | 16,552 | SH | | SOLE | | 16,552 | 0 | 0 |
| Perficient Inc | COM | 71375u101 | 1,183 | 58,231 | SH | | SOLE | | 131 | 0 | 58,100 |
| PetMed Express Inc | COM | 716382106 | 872 | 46,460 | SH | | SOLE | | 15 | 0 | 46,445 |
| Pfizer Inc | COM | 717081103 | 3,395 | 96,412 | SH | | SOLE | | 72,722 | 0 | 23,690 |
| Public Service Enterprise Grou | COM | 744573106 | 3,333 | 71,501 | SH | | SOLE | | 55,701 | 0 | 15,800 |
| Pzena Investment Mgmt Inc Clas | COM | 74731q103 | 1,049 | 137,895 | SH | | SOLE | | 30 | 0 | 137,865 |
| Raytheon Co | COM | 755111507 | 1,672 | 12,300 | SH | | SOLE | | 12,300 | 0 | 0 |
| Reata Pharmaceuticals Inc Cl A | COM | 75615p103 | 893 | 45,209 | SH | | SOLE | | 9 | 0 | 45,200 |
| Reis Inc | COM | 75936p105 | 1,130 | 45,387 | SH | | SOLE | | 12 | 0 | 45,375 |
| Roper Technologies Inc | COM | 776696106 | 3,268 | 19,159 | SH | | SOLE | | 14,729 | 0 | 4,430 |
| RPX Corp | COM | 74972g103 | 816 | 89,018 | SH | | SOLE | | 18 | 0 | 89,000 |
| S&P Global Inc | COM | 78409v104 | 1,566 | 14,600 | SH | | SOLE | | 14,600 | 0 | 0 |
| Schein Henry Inc | COM | 806407102 | 3,294 | 18,631 | SH | | SOLE | | 14,231 | 0 | 4,400 |
| SciClone Pharmaceuticals Inc | COM | 80862k104 | 1,280 | 98,006 | SH | | SOLE | | 206 | 0 | 97,800 |
| Sequential Brnds Group Inc | COM | 81734p107 | 745 | 93,417 | SH | | SOLE | | 17 | 0 | 93,400 |
| Simon Property Group Inc | COM | 828806109 | 3,736 | 17,225 | SH | | SOLE | | 13,225 | 0 | 4,000 |
| Span America Med Systems Inc | COM | 846396109 | 712 | 39,801 | SH | | SOLE | | 10 | 0 | 39,791 |
| Spark Energy Inc Cl A | COM | 846511103 | 1,339 | 40,510 | SH | | SOLE | | 10 | 0 | 40,500 |
| Stanley Black & Decker Inc | COM | 854502101 | 3,429 | 30,834 | SH | | SOLE | | 23,834 | 0 | 7,000 |
| Stock Yds Bancorp Inc | COM | 861025104 | 950 | 33,659 | SH | | SOLE | | 9 | 0 | 33,650 |
| Stonegate Bank Ft Lauderdale F | COM | 861811107 | 917 | 28,409 | SH | | SOLE | | 9 | 0 | 28,400 |
| Stryker Corp | COM | 863667101 | 3,096 | 25,834 | SH | | SOLE | | 20,734 | 0 | 5,100 |
| Sucampo Pharmaceuticals Inc Cl | COM | 864909106 | 1,009 | 92,023 | SH | | SOLE | | 23 | 0 | 92,000 |
| Superior Uniform Group Inc | COM | 868358102 | 693 | 36,317 | SH | | SOLE | | 11 | 0 | 36,306 |
| Synopsys Inc | COM | 871607107 | 1,895 | 35,034 | SH | | SOLE | | 35,034 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 | 1,692 | 27,000 | SH | | SOLE | | 27,000 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 | 1,481 | 10,025 | SH | | SOLE | | 5,425 | 0 | 4,600 |
| Transcat Inc | COM | 893529107 | 686 | 68,285 | SH | | SOLE | | 21 | 0 | 68,264 |
| Travelers Companies Inc | COM | 89417e109 | 1,373 | 11,533 | SH | | SOLE | | 6,233 | 0 | 5,300 |
| Trico Bancshares | COM | 896095106 | 856 | 31,021 | SH | | SOLE | | 9 | 0 | 31,012 |
| UGI Corp | COM | 902681105 | 1,939 | 42,859 | SH | | SOLE | | 42,859 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324p102 | 3,839 | 27,188 | SH | | SOLE | | 21,598 | 0 | 5,590 |
| Unity Bancorp Inc | COM | 913290102 | 897 | 70,594 | SH | | SOLE | | 15 | 0 | 70,579 |
| Univest Corp PA | COM | 915271100 | 1,022 | 48,612 | SH | | SOLE | | 12 | 0 | 48,600 |
| US Physical Therapy Inc | COM | 90337l108 | 1,099 | 18,257 | SH | | SOLE | | 50 | 0 | 18,207 |
| Utah Med Prods Inc | COM | 917488108 | 934 | 14,825 | SH | | SOLE | | 4 | 0 | 14,821 |
| Vantiv Inc Cl A | COM | 92210h105 | 3,351 | 59,199 | SH | | SOLE | | 45,299 | 0 | 13,900 |
| VeriSign Inc | COM | 92343e102 | 1,536 | 17,762 | SH | | SOLE | | 9,662 | 0 | 8,100 |
| Verisk Analytics Inc | COM | 92345y106 | 3,374 | 41,609 | SH | | SOLE | | 31,979 | 0 | 9,630 |
| Verizon Communications Inc | COM | 92343v104 | 1,625 | 29,100 | SH | | SOLE | | 29,100 | 0 | 0 |
| Visa Inc Cl A | COM | 92826c839 | 1,558 | 21,001 | SH | | SOLE | | 21,001 | 0 | 0 |
| Washington Tr Bancorp | COM | 940610108 | 962 | 25,372 | SH | | SOLE | | 72 | 0 | 25,300 |
| Wayside Technology Group Inc | COM | 946760105 | 689 | 38,143 | SH | | SOLE | | 10 | 0 | 38,133 |
| West Bancorporation Inc Cap St | COM | 95123p106 | 824 | 44,322 | SH | | SOLE | | 12 | 0 | 44,310 |
| Westwood Holdings Group Inc | COM | 961765104 | 754 | 14,547 | SH | | SOLE | | 5 | 0 | 14,542 |
| Winmark Corp | COM | 974250102 | 1,303 | 13,071 | SH | | SOLE | | 4 | 0 | 13,067 |
| WSFS Financial Corp | COM | 929328102 | 741 | 23,006 | SH | | SOLE | | 6 | 0 | 23,000 |
| Xerium Technologies Inc | COM | 98416j118 | 588 | 92,119 | SH | | SOLE | | 19 | 0 | 92,100 |
| ABB Ltd Sp ADR | ADR | 000375204 | 2,533 | 127,742 | SH | | SOLE | | 127,742 | 0 | 0 |
| Accenture PLC Ireland Class A | ADR | g1151c101 | 14,740 | 130,107 | SH | | SOLE | | 110,239 | 0 | 19,868 |
| Alibaba Group Holding Ltd Sp A | ADR | 01609w102 | 3,922 | 49,309 | SH | | SOLE | | 40,192 | 0 | 9,117 |
| Ambev SA Sp ADR | ADR | 02319v103 | 1,118 | 189,225 | SH | | SOLE | | 65,033 | 0 | 124,192 |
| Amdocs Ltd | ADR | g02602103 | 2,815 | 48,773 | SH | | SOLE | | 38,273 | 0 | 10,500 |
| Anheuser-Busch InBev SA NV Sp | ADR | 03524a108 | 3,980 | 30,225 | SH | | SOLE | | 26,035 | 0 | 4,190 |
| Ardmore Shipping Corp | ADR | y0207t100 | 908 | 134,134 | SH | | SOLE | | 34 | 0 | 134,100 |
| AVG Technologies NV | ADR | n07831105 | 1,370 | 72,125 | SH | | SOLE | | 125 | 0 | 72,000 |
| Banco de Chile Sp ADR | ADR | 059520106 | 734 | 11,445 | SH | | SOLE | | 2,256 | 0 | 9,189 |
| Banco Macro SA Sp ADR B | ADR | 05961w105 | 1,366 | 18,401 | SH | | SOLE | | 9,935 | 0 | 8,466 |
| British American Tobacco PLC S | ADR | 110448107 | 2,650 | 20,468 | SH | | SOLE | | 20,468 | 0 | 0 |
| Broadcom Ltd | ADR | y09827109 | 13,207 | 84,987 | SH | | SOLE | | 73,553 | 0 | 11,434 |
| Brookfield Asset Mgmt Inc Cl A | ADR | 112585104 | 2,461 | 74,412 | SH | | SOLE | | 74,412 | 0 | 0 |
| BT Group PLC ADR | ADR | 05577e101 | 1,949 | 69,990 | SH | | SOLE | | 69,990 | 0 | 0 |
| China Biologic Prods Inc | ADR | 16938c106 | 10,002 | 94,074 | SH | | SOLE | | 63,001 | 0 | 31,073 |
| Chunghwa Telecom Co Ltd Sp ADR | ADR | 17133q502 | 2,646 | 72,900 | SH | | SOLE | | 72,900 | 0 | 0 |
| Colliers Intl Group Inc | ADR | 194693107 | 1,916 | 56,128 | SH | | SOLE | | 56,128 | 0 | 0 |
| Credicorp Ltd | ADR | g2519y108 | 1,349 | 8,743 | SH | | SOLE | | 4,630 | 0 | 4,113 |
| Delphi Automotive PLC | ADR | g27823106 | 8,368 | 133,674 | SH | | SOLE | | 115,168 | 0 | 18,506 |
| Descartes Systems Group Inc | ADR | 249906108 | 1,126 | 59,000 | SH | | SOLE | | 0 | 0 | 59,000 |
| Diageo PLC Sp ADR | ADR | 25243q205 | 2,510 | 22,237 | SH | | SOLE | | 22,237 | 0 | 0 |
| Fly Leasing Ltd Sp ADR | ADR | 34407d109 | 793 | 79,818 | SH | | SOLE | | 18 | 0 | 79,800 |
| Globant SA | ADR | l44385109 | 1,273 | 32,352 | SH | | SOLE | | 71 | 0 | 32,281 |
| Groupe CGI Inc Cl A | ADR | 39945c109 | 3,916 | 91,689 | SH | | SOLE | | 75,889 | 0 | 15,800 |
| Grupo Financiero Galicia SA Sp | ADR | 399909100 | 1,243 | 40,703 | SH | | SOLE | | 21,735 | 0 | 18,968 |
| HDFC Bank Ltd ADR Reps 3 | ADR | 40415f101 | 776 | 11,692 | SH | | SOLE | | 2,412 | 0 | 9,280 |
| Hollysys Automation Technologi | ADR | g45667105 | 562 | 32,345 | SH | | SOLE | | 7,545 | 0 | 24,800 |
| Icon PLC | ADR | g4705a100 | 2,627 | 37,521 | SH | | SOLE | | 37,521 | 0 | 0 |
| Infosys Ltd Sp ADR | ADR | 456788108 | 859 | 48,116 | SH | | SOLE | | 17,805 | 0 | 30,311 |
| Korea Electric Power Sp ADR | ADR | 500631106 | 2,924 | 112,777 | SH | | SOLE | | 112,777 | 0 | 0 |
| Medtronic PLC | ADR | g5960l103 | 3,348 | 38,589 | SH | | SOLE | | 30,059 | 0 | 8,530 |
| Netease Inc Sp ADR | ADR | 64110w102 | 9,967 | 51,585 | SH | | SOLE | | 48,063 | 0 | 3,522 |
| Nippon Telegraph & Telephone C | ADR | 654624105 | 2,929 | 62,203 | SH | | SOLE | | 62,203 | 0 | 0 |
| Nova Measuring Instruments Ltd | ADR | m7516k103 | 813 | 74,336 | SH | | SOLE | | 19 | 0 | 74,317 |
| Novanta Inc | ADR | 67000b104 | 932 | 61,516 | SH | | SOLE | | 16 | 0 | 61,500 |
| Novo-Nordisk AS ADR | ADR | 670100205 | 2,777 | 51,631 | SH | | SOLE | | 51,631 | 0 | 0 |
| ORIX Corp Sp ADR | ADR | 686330101 | 1,861 | 29,119 | SH | | SOLE | | 29,119 | 0 | 0 |
| P T Telekomunikasi Indonesia S | ADR | 715684106 | 689 | 11,216 | SH | | SOLE | | 2,319 | 0 | 8,897 |
| Relx NV Sp ADR | ADR | 75955b102 | 2,985 | 171,425 | SH | | SOLE | | 171,425 | 0 | 0 |
| Royal Bank of Canada Montreal | ADR | 780087102 | 2,275 | 38,498 | SH | | SOLE | | 38,498 | 0 | 0 |
| Sap SE Sp ADR | ADR | 803054204 | 10,630 | 141,691 | SH | | SOLE | | 124,885 | 0 | 16,806 |
| Sensata Technologies Holding N | ADR | n7902x106 | 7,231 | 207,240 | SH | | SOLE | | 176,196 | 0 | 31,044 |
| Silicon Motion Technology Corp | ADR | 82706c108 | 3,719 | 77,797 | SH | | SOLE | | 23,909 | 0 | 53,888 |
| Taiwan Semiconductor Mfg Ltd S | ADR | 874039100 | 5,952 | 226,905 | SH | | SOLE | | 197,860 | 0 | 29,045 |
| Taro Pharmaceutical Industries | ADR | m8737e108 | 11,425 | 78,468 | SH | | SOLE | | 67,255 | 0 | 11,213 |
| Teva Pharmaceutical Industries | ADR | 881624209 | 2,066 | 41,123 | SH | | SOLE | | 41,123 | 0 | 0 |
| Toyota Motor Corp Sp ADR 2 | ADR | 892331307 | 2,991 | 29,916 | SH | | SOLE | | 29,916 | 0 | 0 |
| Unilever PLC Sp ADR | ADR | 904767704 | 2,976 | 62,117 | SH | | SOLE | | 62,117 | 0 | 0 |
| Wabco Holdings Inc | ADR | 92927k102 | 8,113 | 88,601 | SH | | SOLE | | 75,592 | 0 | 13,009 |
| Wipro Ltd Sp ADR 1 Sh | ADR | 97651m109 | 1,190 | 96,281 | SH | | SOLE | | 52,497 | 0 | 43,784 |
| WNS Holdings Ltd Sp ADR | ADR | 92932m101 | 1,065 | 39,442 | SH | | SOLE | | 21,442 | 0 | 18,000 |
| WPP PLC ADR | ADR | 92937a102 | 3,860 | 36,929 | SH | | SOLE | | 31,219 | 0 | 5,710 |
| Xinyuan Real Estate Co Ltd Sp | ADR | 98417p105 | 775 | 158,240 | SH | | SOLE | | 240 | 0 | 158,000 |
