| 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 | 1,071 | 44,808 | SH | | SOLE | | 8 | 0 | 44,800 |
| ACNB Corp | COM | 000868109 | 798 | 30,004 | SH | | SOLE | | 4 | 0 | 30,000 |
| Allied Motion Technologies Inc | COM | 019330109 | 746 | 39,457 | SH | | SOLE | | 10 | 0 | 39,447 |
| Almost Family Inc | COM | 020409108 | 820 | 22,306 | SH | | SOLE | | 6 | 0 | 22,300 |
| American Software Inc Cl A | COM | 029683109 | 996 | 89,758 | SH | | SOLE | | 24 | 0 | 89,734 |
| Ametek Inc | COM | 031100100 | 1,367 | 28,600 | SH | | SOLE | | 28,600 | 0 | 0 |
| Amphenol Corp Cl A | COM | 032095101 | 3,562 | 54,860 | SH | | SOLE | | 42,860 | 0 | 12,000 |
| Ani Pharmaceuticals Inc | COM | 00182c103 | 1,049 | 15,805 | SH | | SOLE | | 5 | 0 | 15,800 |
| Apple Inc | COM | 037833100 | 1,447 | 12,800 | SH | | SOLE | | 12,800 | 0 | 0 |
| Argan Inc | COM | 04010e109 | 1,448 | 24,463 | SH | | SOLE | | 6 | 0 | 24,457 |
| Armada Hoffler Properties Inc | COM | 04208t108 | 1,090 | 81,380 | SH | | SOLE | | 28 | 0 | 81,352 |
| Arrow Electronics Inc | COM | 042735100 | 1,665 | 26,026 | SH | | SOLE | | 26,026 | 0 | 0 |
| Arrow Financial Corp | COM | 042744102 | 1,015 | 30,907 | SH | | SOLE | | 7 | 0 | 30,900 |
| AT&T Inc | COM | 00206r102 | 1,589 | 39,128 | SH | | SOLE | | 21,128 | 0 | 18,000 |
| AutoZone Inc | COM | 053332102 | 3,477 | 4,525 | SH | | SOLE | | 3,628 | 0 | 897 |
| Avid Technology Inc | COM | 05367p100 | 1,186 | 149,334 | SH | | SOLE | | 34 | 0 | 149,300 |
| Ball Corp | COM | 058498106 | 1,837 | 22,421 | SH | | SOLE | | 22,421 | 0 | 0 |
| Bank of Marin Bancorp | COM | 063425102 | 852 | 17,129 | SH | | SOLE | | 5 | 0 | 17,124 |
| BioSpecifics Technologies Corp | COM | 090931106 | 895 | 19,592 | SH | | SOLE | | 6 | 0 | 19,586 |
| Bryn Mawr Bank Corp | COM | 117665109 | 896 | 28,022 | SH | | SOLE | | 7 | 0 | 28,015 |
| CBIZ Inc | COM | 124805102 | 1,114 | 99,552 | SH | | SOLE | | 26 | 0 | 99,526 |
| Century Communities Inc | COM | 156504300 | 1,041 | 48,411 | SH | | SOLE | | 11 | 0 | 48,400 |
| Chase Corp | COM | 16150r104 | 1,316 | 19,038 | SH | | SOLE | | 5 | 0 | 19,033 |
| Chesapeake Utilities Corp | COM | 165303108 | 650 | 10,643 | SH | | SOLE | | 3 | 0 | 10,640 |
| Cisco Systems Inc | COM | 17275r102 | 1,729 | 54,501 | SH | | SOLE | | 54,501 | 0 | 0 |
| City Holding Co | COM | 177835105 | 788 | 15,667 | SH | | SOLE | | 56 | 0 | 15,611 |
| Civista Bancshares Inc | COM | 178867107 | 987 | 69,612 | SH | | SOLE | | 12 | 0 | 69,600 |
| Comcast Corp Cl A | COM | 20030n101 | 3,334 | 50,257 | SH | | SOLE | | 39,257 | 0 | 11,000 |
| CPI Card Group Inc | COM | 12634h101 | 1,275 | 211,051 | SH | | SOLE | | 42 | 0 | 211,009 |
| CRH Medical Corp | COM | 12626f105 | 1,048 | 275,076 | SH | | SOLE | | 76 | 0 | 275,000 |
| Crown Crafts Inc | COM | 228309100 | 1,230 | 120,626 | SH | | SOLE | | 26 | 0 | 120,600 |
| Crown Holdings Inc | COM | 228368106 | 2,997 | 52,499 | SH | | SOLE | | 39,499 | 0 | 13,000 |
| CVS Health Corp | COM | 126650100 | 1,137 | 12,772 | SH | | SOLE | | 6,872 | 0 | 5,900 |
| Danaher Corp | COM | 235851102 | 3,008 | 38,367 | SH | | SOLE | | 29,897 | 0 | 8,470 |
| Davita Healthcare Partners Inc | COM | 23918k108 | 1,354 | 20,500 | SH | | SOLE | | 20,500 | 0 | 0 |
| Deluxe Corp | COM | 248019101 | 1,687 | 25,248 | SH | | SOLE | | 25,248 | 0 | 0 |
| Dhi Group Inc | COM | 23331s100 | 1,139 | 144,305 | SH | | SOLE | | 35 | 0 | 144,270 |
| Diamond Hill Investment Group | COM | 25264r207 | 795 | 4,301 | SH | | SOLE | | 1 | 0 | 4,300 |
| Disney Walt Co Disney | COM | 254687106 | 2,720 | 29,290 | SH | | SOLE | | 22,460 | 0 | 6,830 |
| Donegal Group Inc Cl A | COM | 257701201 | 741 | 46,007 | SH | | SOLE | | 7 | 0 | 46,000 |
| Douglas Dynamics Inc | COM | 25960r105 | 1,293 | 40,475 | SH | | SOLE | | 275 | 0 | 40,200 |
| Dun & Bradstreet Corp | COM | 26483e100 | 1,846 | 13,513 | SH | | SOLE | | 13,513 | 0 | 0 |
| Ecolab Inc | COM | 278865100 | 1,801 | 14,800 | SH | | SOLE | | 14,800 | 0 | 0 |
| Electromed Inc | COM | 285409108 | 321 | 70,000 | SH | | SOLE | | 0 | 0 | 70,000 |
| EMC Ins Group Inc | COM | 268664109 | 893 | 33,170 | SH | | SOLE | | 10 | 0 | 33,160 |
| Entercom Communications Corp C | COM | 293639100 | 1,189 | 91,923 | SH | | SOLE | | 215 | 0 | 91,708 |
| Enterprise Financial Services | COM | 293712105 | 953 | 30,509 | SH | | SOLE | | 9 | 0 | 30,500 |
| ePlus Inc | COM | 294268107 | 1,010 | 10,703 | SH | | SOLE | | 3 | 0 | 10,700 |
| Equifax Inc | COM | 294429105 | 3,575 | 26,561 | SH | | SOLE | | 21,401 | 0 | 5,160 |
| FactSet Research Systems Inc | COM | 303075105 | 1,820 | 11,230 | SH | | SOLE | | 11,230 | 0 | 0 |
| Financial Instns Inc | COM | 317585404 | 836 | 30,835 | SH | | SOLE | | 9 | 0 | 30,826 |
| Fiserv Inc | COM | 337738108 | 3,587 | 36,059 | SH | | SOLE | | 28,537 | 0 | 7,522 |
| Fonar Corp | COM | 344437405 | 1,257 | 61,186 | SH | | SOLE | | 20 | 0 | 61,166 |
| Fortive Corp | COM | 34959j108 | 2,586 | 50,812 | SH | | SOLE | | 40,177 | 0 | 10,635 |
| Gartner Inc | COM | 366651107 | 1,682 | 19,019 | SH | | SOLE | | 19,019 | 0 | 0 |
| General Dynamics Corp | COM | 369550108 | 3,505 | 22,592 | SH | | SOLE | | 17,082 | 0 | 5,510 |
| Globalscape Inc Com | COM | 37940g109 | 707 | 199,166 | SH | | SOLE | | 41 | 0 | 199,125 |
| Golub Cap BDC Inc | COM | 38173m102 | 835 | 44,953 | SH | | SOLE | | 154 | 0 | 44,799 |
| GP Strategies Corp | COM | 36225v104 | 800 | 32,485 | SH | | SOLE | | 10 | 0 | 32,475 |
| Gray Television Inc | COM | 389375106 | 818 | 78,998 | SH | | SOLE | | 17 | 0 | 78,981 |
| Great Ajax Corp | COM | 38983d300 | 1,236 | 90,523 | SH | | SOLE | | 23 | 0 | 90,500 |
| Great Southern Bancorp Inc | COM | 390905107 | 725 | 17,805 | SH | | SOLE | | 5 | 0 | 17,800 |
| Hackett Group Inc | COM | 404609109 | 1,452 | 87,904 | SH | | SOLE | | 21 | 0 | 87,883 |
| HCI Group Inc | COM | 40416e103 | 881 | 29,027 | SH | | SOLE | | 7 | 0 | 29,020 |
| Hennessy Advisors Inc | COM | 425885100 | 1,241 | 34,990 | SH | | SOLE | | 9 | 0 | 34,981 |
| Henry Jack & Assoc Inc | COM | 426281101 | 1,841 | 21,519 | SH | | SOLE | | 21,519 | 0 | 0 |
| Hingham Inst Savings MA | COM | 433323102 | 908 | 6,556 | SH | | SOLE | | 2 | 0 | 6,554 |
| Honeywell Intl Inc | COM | 438516106 | 1,982 | 17,000 | SH | | SOLE | | 17,000 | 0 | 0 |
| Ies Holdings Inc | COM | 44951w106 | 1,139 | 64,017 | SH | | SOLE | | 17 | 0 | 64,000 |
| IHS Markit Ltd | COM | g47567105 | 1,758 | 46,816 | SH | | SOLE | | 46,816 | 0 | 0 |
| Illinois Tool Works Inc | COM | 452308109 | 3,311 | 27,632 | SH | | SOLE | | 21,232 | 0 | 6,400 |
| Infusystem Holdings Inc | COM | 45685k102 | 601 | 216,264 | SH | | SOLE | | 57 | 0 | 216,207 |
| Insteel Industries Inc | COM | 45774w108 | 1,124 | 31,008 | SH | | SOLE | | 8 | 0 | 31,000 |
| Insurance Holdings Inc | COM | 91359v107 | 1,437 | 57,016 | SH | | SOLE | | 391 | 0 | 56,625 |
| Iradimed Corp | COM | 46266a109 | 981 | 57,747 | SH | | SOLE | | 14 | 0 | 57,733 |
| Johnson & Johnson | COM | 478160104 | 3,293 | 27,879 | SH | | SOLE | | 21,529 | 0 | 6,350 |
| Kadant Inc | COM | 48282t104 | 1,236 | 23,712 | SH | | SOLE | | 7 | 0 | 23,705 |
| Kforce Inc | COM | 493732101 | 924 | 45,108 | SH | | SOLE | | 9 | 0 | 45,099 |
| Kingstone Cos Inc | COM | 496719105 | 866 | 93,827 | SH | | SOLE | | 24 | 0 | 93,803 |
| Lakeland Financial Corp | COM | 511656100 | 950 | 26,822 | SH | | SOLE | | 79 | 0 | 26,743 |
| Lam Research Corp | COM | 512807108 | 1,406 | 14,841 | SH | | SOLE | | 8,041 | 0 | 6,800 |
| Landmark Bancorp Inc | COM | 51504l107 | 892 | 33,664 | SH | | SOLE | | 9 | 0 | 33,655 |
| Lear Corp | COM | 521865204 | 3,597 | 29,677 | SH | | SOLE | | 22,437 | 0 | 7,240 |
| LHC Group Inc | COM | 50187a107 | 900 | 24,406 | SH | | SOLE | | 6 | 0 | 24,400 |
| Lionbridge Technologies Inc | COM | 536252109 | 898 | 179,550 | SH | | SOLE | | 50 | 0 | 179,500 |
| MainSource Financial Group Inc | COM | 56062y102 | 998 | 40,011 | SH | | SOLE | | 11 | 0 | 40,000 |
| MasterCard Inc Cl A | COM | 57636q104 | 3,458 | 33,981 | SH | | SOLE | | 27,111 | 0 | 6,870 |
| Mcbc Holdings Inc | COM | 55276f107 | 798 | 70,018 | SH | | SOLE | | 18 | 0 | 70,000 |
| Medifast Inc | COM | 58470h101 | 1,172 | 31,008 | SH | | SOLE | | 8 | 0 | 31,000 |
| MeetMe Inc | COM | 585141104 | 1,248 | 201,248 | SH | | SOLE | | 48 | 0 | 201,200 |
| Mesa Laboratories Inc | COM | 59064r109 | 917 | 8,020 | SH | | SOLE | | 2 | 0 | 8,018 |
| Moodys Corp | COM | 615369105 | 3,018 | 27,875 | SH | | SOLE | | 21,975 | 0 | 5,900 |
| Multi Color Corp | COM | 625383104 | 795 | 12,048 | SH | | SOLE | | 42 | 0 | 12,006 |
| Nathans Famous Inc | COM | 632347100 | 1,355 | 25,787 | SH | | SOLE | | 7 | 0 | 25,780 |
| National Presto Industries Inc | COM | 637215104 | 843 | 9,603 | SH | | SOLE | | 3 | 0 | 9,600 |
| Natural Health Trends Corp | COM | 63888p406 | 1,245 | 44,065 | SH | | SOLE | | 11 | 0 | 44,054 |
| Nautilus Inc | COM | 63910b102 | 1,177 | 51,814 | SH | | SOLE | | 14 | 0 | 51,800 |
| NCI Inc Cl A | COM | 62886k104 | 837 | 72,334 | SH | | SOLE | | 18 | 0 | 72,316 |
| NeoPhotonics Corp | COM | 64051t100 | 920 | 56,320 | SH | | SOLE | | 20 | 0 | 56,300 |
| New York Mtg Tr Inc | COM | 649604501 | 789 | 131,134 | SH | | SOLE | | 35 | 0 | 131,099 |
| Nv5 Global Inc | COM | 62945v109 | 1,093 | 33,829 | SH | | SOLE | | 11 | 0 | 33,818 |
| Omega Flex Inc | COM | 682095104 | 915 | 23,740 | SH | | SOLE | | 6 | 0 | 23,734 |
| Omega Protein Corp | COM | 68210p107 | 1,237 | 52,914 | SH | | SOLE | | 14 | 0 | 52,900 |
| Omnicom Group Inc | COM | 681919106 | 3,679 | 43,281 | SH | | SOLE | | 33,561 | 0 | 9,720 |
| Oracle Corp | COM | 68389x105 | 1,593 | 40,561 | SH | | SOLE | | 40,561 | 0 | 0 |
| Pacific Insight Electronics Co | COM | 69444e108 | 723 | 94,000 | SH | | SOLE | | 0 | 0 | 94,000 |
| Penns Woods Bancorp Inc | COM | 708430103 | 760 | 17,085 | SH | | SOLE | | 5 | 0 | 17,080 |
| PepsiCo Inc | COM | 713448108 | 1,800 | 16,553 | SH | | SOLE | | 16,553 | 0 | 0 |
| Perficient Inc | COM | 71375u101 | 1,174 | 58,242 | SH | | SOLE | | 142 | 0 | 58,100 |
| PetMed Express Inc | COM | 716382106 | 942 | 46,460 | SH | | SOLE | | 15 | 0 | 46,445 |
| Pfizer Inc | COM | 717081103 | 3,121 | 92,160 | SH | | SOLE | | 70,470 | 0 | 21,690 |
| Public Service Enterprise Grou | COM | 744573106 | 1,549 | 37,001 | SH | | SOLE | | 37,001 | 0 | 0 |
| Pzena Investment Mgmt Inc Clas | COM | 74731q103 | 1,062 | 137,895 | SH | | SOLE | | 30 | 0 | 137,865 |
| Quintiles Transnatio Holdings | COM | 74876y101 | 1,753 | 21,622 | SH | | SOLE | | 21,622 | 0 | 0 |
| Raytheon Co | COM | 755111507 | 1,674 | 12,300 | SH | | SOLE | | 12,300 | 0 | 0 |
| Reata Pharmaceuticals Inc Cl A | COM | 75615p103 | 1,424 | 54,016 | SH | | SOLE | | 16 | 0 | 54,000 |
| Reis Inc | COM | 75936p105 | 929 | 45,387 | SH | | SOLE | | 12 | 0 | 45,375 |
| Resources Connection Inc | COM | 76122q105 | 840 | 56,211 | SH | | SOLE | | 11 | 0 | 56,200 |
| Roper Technologies Inc | COM | 776696106 | 1,734 | 9,500 | SH | | SOLE | | 9,500 | 0 | 0 |
| RPX Corp | COM | 74972g103 | 952 | 89,018 | SH | | SOLE | | 18 | 0 | 89,000 |
| S&P Global Inc | COM | 78409v104 | 1,848 | 14,600 | SH | | SOLE | | 14,600 | 0 | 0 |
| Schein Henry Inc | COM | 806407102 | 3,037 | 18,633 | SH | | SOLE | | 14,233 | 0 | 4,400 |
| SciClone Pharmaceuticals Inc | COM | 80862k104 | 1,212 | 118,228 | SH | | SOLE | | 28 | 0 | 118,200 |
| Sequential Brnds Group Inc | COM | 81734p107 | 963 | 120,331 | SH | | SOLE | | 31 | 0 | 120,300 |
| Simon Property Group Inc | COM | 828806109 | 3,429 | 16,565 | SH | | SOLE | | 12,855 | 0 | 3,710 |
| Span America Med Systems Inc | COM | 846396109 | 886 | 48,201 | SH | | SOLE | | 10 | 0 | 48,191 |
| Spark Energy Inc Cl A | COM | 846511103 | 1,180 | 40,510 | SH | | SOLE | | 10 | 0 | 40,500 |
| Spectrum Brands Holdings Inc | COM | 84763r101 | 3,408 | 24,753 | SH | | SOLE | | 19,153 | 0 | 5,600 |
| Stanley Black & Decker Inc | COM | 854502101 | 3,570 | 29,031 | SH | | SOLE | | 22,871 | 0 | 6,160 |
| Stock Yds Bancorp Inc | COM | 861025104 | 1,109 | 33,659 | SH | | SOLE | | 9 | 0 | 33,650 |
| Stonegate Bank Ft Lauderdale F | COM | 861811107 | 959 | 28,409 | SH | | SOLE | | 9 | 0 | 28,400 |
| Stryker Corp | COM | 863667101 | 2,863 | 24,593 | SH | | SOLE | | 20,053 | 0 | 4,540 |
| Sucampo Pharmaceuticals Inc Cl | COM | 864909106 | 1,133 | 92,023 | SH | | SOLE | | 23 | 0 | 92,000 |
| Synopsys Inc | COM | 871607107 | 3,780 | 63,694 | SH | | SOLE | | 50,694 | 0 | 13,000 |
| Texas Instruments Inc | COM | 882508104 | 1,895 | 27,000 | SH | | SOLE | | 27,000 | 0 | 0 |
| Thermo Fisher Scientific Inc | COM | 883556102 | 3,297 | 20,725 | SH | | SOLE | | 16,125 | 0 | 4,600 |
| Transcat Inc | COM | 893529107 | 861 | 78,685 | SH | | SOLE | | 21 | 0 | 78,664 |
| Travelers Companies Inc | COM | 89417e109 | 1,321 | 11,533 | SH | | SOLE | | 6,233 | 0 | 5,300 |
| Trico Bancshares | COM | 896095106 | 830 | 31,022 | SH | | SOLE | | 10 | 0 | 31,012 |
| UGI Corp | COM | 902681105 | 1,939 | 42,857 | SH | | SOLE | | 42,857 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324p102 | 3,386 | 24,188 | SH | | SOLE | | 18,598 | 0 | 5,590 |
| Unity Bancorp Inc | COM | 913290102 | 996 | 77,654 | SH | | SOLE | | 17 | 0 | 77,637 |
| Univest Corp PA | COM | 915271100 | 1,136 | 48,613 | SH | | SOLE | | 13 | 0 | 48,600 |
| US Physical Therapy Inc | COM | 90337l108 | 1,144 | 18,253 | SH | | SOLE | | 46 | 0 | 18,207 |
| Utah Med Prods Inc | COM | 917488108 | 988 | 16,525 | SH | | SOLE | | 4 | 0 | 16,521 |
| Vantiv Inc Cl A | COM | 92210h105 | 3,331 | 59,199 | SH | | SOLE | | 45,299 | 0 | 13,900 |
| Vectrus Inc | COM | 92242t101 | 582 | 38,208 | SH | | SOLE | | 8 | 0 | 38,200 |
| VeriSign Inc | COM | 92343e102 | 1,390 | 17,771 | SH | | SOLE | | 9,671 | 0 | 8,100 |
| Verisk Analytics Inc | COM | 92345y106 | 3,223 | 39,656 | SH | | SOLE | | 30,926 | 0 | 8,730 |
| Verizon Communications Inc | COM | 92343v104 | 1,513 | 29,100 | SH | | SOLE | | 29,100 | 0 | 0 |
| Visa Inc Cl A | COM | 92826c839 | 1,737 | 21,001 | SH | | SOLE | | 21,001 | 0 | 0 |
| Washington Tr Bancorp | COM | 940610108 | 1,020 | 25,370 | SH | | SOLE | | 70 | 0 | 25,300 |
| Wayside Technology Group Inc | COM | 946760105 | 700 | 39,441 | SH | | SOLE | | 10 | 0 | 39,431 |
| West Bancorporation Inc Cap St | COM | 95123p106 | 869 | 44,322 | SH | | SOLE | | 12 | 0 | 44,310 |
| Winmark Corp | COM | 974250102 | 1,379 | 13,071 | SH | | SOLE | | 4 | 0 | 13,067 |
| WSFS Financial Corp | COM | 929328102 | 730 | 20,006 | SH | | SOLE | | 6 | 0 | 20,000 |
| Xerium Technologies Inc | COM | 98416j118 | 974 | 122,532 | SH | | SOLE | | 32 | 0 | 122,500 |
| ABB Ltd Sp ADR | ADR | 000375204 | 2,752 | 122,269 | SH | | SOLE | | 122,269 | 0 | 0 |
| Accenture PLC Ireland Class A | ADR | g1151c101 | 15,924 | 130,341 | SH | | SOLE | | 85,973 | 0 | 44,368 |
| Alibaba Group Holding Ltd Sp A | ADR | 01609w102 | 4,480 | 42,346 | SH | | SOLE | | 34,429 | 0 | 7,917 |
| Ambev SA Sp ADR | ADR | 02319v103 | 1,147 | 188,404 | SH | | SOLE | | 76,212 | 0 | 112,192 |
| Amdocs Ltd | ADR | g02602103 | 2,677 | 46,272 | SH | | SOLE | | 36,972 | 0 | 9,300 |
| Anheuser-Busch InBev SA NV Sp | ADR | 03524a108 | 2,804 | 21,341 | SH | | SOLE | | 21,341 | 0 | 0 |
| Ardmore Shipping Corp | ADR | y0207t100 | 1,050 | 149,135 | SH | | SOLE | | 35 | 0 | 149,100 |
| AstraZeneca PLC Sp ADR | ADR | 046353108 | 2,179 | 66,301 | SH | | SOLE | | 66,301 | 0 | 0 |
| Autoliv Inc | ADR | 052800109 | 2,110 | 19,761 | SH | | SOLE | | 18,261 | 0 | 1,500 |
| Banco de Chile Sp ADR | ADR | 059520106 | 787 | 11,696 | SH | | SOLE | | 2,303 | 0 | 9,393 |
| Banco Macro SA Sp ADR B | ADR | 05961w105 | 1,160 | 14,819 | SH | | SOLE | | 8,323 | 0 | 6,496 |
| Banco Santander Chile Sp ADR | ADR | 05965x109 | 480 | 23,200 | SH | | SOLE | | 1,200 | 0 | 22,000 |
| British American Tobacco PLC S | ADR | 110448107 | 2,623 | 20,546 | SH | | SOLE | | 20,546 | 0 | 0 |
| Broadcom Ltd | ADR | y09827109 | 13,227 | 76,670 | SH | | SOLE | | 51,816 | 0 | 24,854 |
| Brookfield Asset Mgmt Inc Cl A | ADR | 112585104 | 357 | 10,150 | SH | | SOLE | | 10,150 | 0 | 0 |
| CAE Inc | ADR | 124765108 | 2,314 | 162,522 | SH | | SOLE | | 162,522 | 0 | 0 |
| China Biologic Prods Inc | ADR | 16938c106 | 11,674 | 93,784 | SH | | SOLE | | 45,981 | 0 | 47,803 |
| Chunghwa Telecom Co Ltd Sp ADR | ADR | 17133q502 | 2,821 | 80,539 | SH | | SOLE | | 69,039 | 0 | 11,500 |
| Colliers Intl Group Inc | ADR | 194693107 | 2,172 | 51,628 | SH | | SOLE | | 51,628 | 0 | 0 |
| Companhia de Saneamento Basico | ADR | 20441a102 | 472 | 51,020 | SH | | SOLE | | 3,020 | 0 | 48,000 |
| Credicorp Ltd | ADR | g2519y108 | 1,270 | 8,343 | SH | | SOLE | | 4,630 | 0 | 3,713 |
| Delphi Automotive PLC | ADR | g27823106 | 9,575 | 134,254 | SH | | SOLE | | 85,748 | 0 | 48,506 |
| Descartes Systems Group Inc | ADR | 249906108 | 1,270 | 59,000 | SH | | SOLE | | 0 | 0 | 59,000 |
| Diageo PLC Sp ADR | ADR | 25243q205 | 2,623 | 22,607 | SH | | SOLE | | 22,607 | 0 | 0 |
| Elbit Systems Ltd | ADR | m3760d101 | 2,228 | 23,247 | SH | | SOLE | | 23,247 | 0 | 0 |
| Fly Leasing Ltd Sp ADR | ADR | 34407d109 | 925 | 79,818 | SH | | SOLE | | 18 | 0 | 79,800 |
| Fresenius Med Care AG & Co KGA | ADR | 358029106 | 239 | 5,470 | SH | | SOLE | | 5,470 | 0 | 0 |
| Globant SA | ADR | l44385109 | 1,210 | 28,728 | SH | | SOLE | | 147 | 0 | 28,581 |
| Groupe CGI Inc Cl A | ADR | 39945c109 | 4,403 | 92,443 | SH | | SOLE | | 76,643 | 0 | 15,800 |
| Grupo Financiero Galicia SA Sp | ADR | 399909100 | 1,263 | 40,603 | SH | | SOLE | | 21,635 | 0 | 18,968 |
| HDFC Bank Ltd ADR Reps 3 | ADR | 40415f101 | 841 | 11,692 | SH | | SOLE | | 2,412 | 0 | 9,280 |
| Hollysys Automation Technologi | ADR | g45667105 | 489 | 22,048 | SH | | SOLE | | 5,678 | 0 | 16,370 |
| Icon PLC | ADR | g4705a100 | 2,653 | 34,290 | SH | | SOLE | | 34,290 | 0 | 0 |
| Infosys Ltd Sp ADR | ADR | 456788108 | 823 | 52,154 | SH | | SOLE | | 21,843 | 0 | 30,311 |
| International Game Technology | ADR | g4863a108 | 2,598 | 106,545 | SH | | SOLE | | 106,545 | 0 | 0 |
| Korea Electric Power Sp ADR | ADR | 500631106 | 3,747 | 153,698 | SH | | SOLE | | 153,698 | 0 | 0 |
| Medtronic PLC | ADR | g5960l103 | 3,334 | 38,584 | SH | | SOLE | | 30,054 | 0 | 8,530 |
| Netease Inc Sp ADR | ADR | 64110w102 | 9,653 | 40,090 | SH | | SOLE | | 25,368 | 0 | 14,722 |
| Nippon Telegraph & Telephone C | ADR | 654624105 | 2,562 | 55,928 | SH | | SOLE | | 55,928 | 0 | 0 |
| Nova Measuring Instruments Ltd | ADR | m7516k103 | 986 | 83,436 | SH | | SOLE | | 19 | 0 | 83,417 |
| Novanta Inc | ADR | 67000b104 | 1,232 | 71,016 | SH | | SOLE | | 16 | 0 | 71,000 |
| NTT Docomo Inc Sp ADR | ADR | 62942m201 | 2,345 | 92,300 | SH | | SOLE | | 92,300 | 0 | 0 |
| ORIX Corp Sp ADR | ADR | 686330101 | 2,138 | 28,827 | SH | | SOLE | | 28,827 | 0 | 0 |
| P T Telekomunikasi Indonesia S | ADR | 715684106 | 1,058 | 16,014 | SH | | SOLE | | 7,117 | 0 | 8,897 |
| Prudential PLC ADR | ADR | 74435k204 | 250 | 7,000 | SH | | SOLE | | 7,000 | 0 | 0 |
| Relx NV Sp ADR | ADR | 75955b102 | 2,910 | 162,935 | SH | | SOLE | | 162,935 | 0 | 0 |
| Royal Bank of Canada Montreal | ADR | 780087102 | 2,425 | 39,132 | SH | | SOLE | | 39,132 | 0 | 0 |
| Sap SE Sp ADR | ADR | 803054204 | 12,739 | 139,364 | SH | | SOLE | | 95,458 | 0 | 43,906 |
| Sensata Technologies Holding N | ADR | n7902x106 | 8,083 | 208,426 | SH | | SOLE | | 125,782 | 0 | 82,644 |
| Silicon Motion Technology Corp | ADR | 82706c108 | 3,302 | 63,754 | SH | | SOLE | | 17,036 | 0 | 46,718 |
| Smith & Nephew PLC Sp ADR | ADR | 83175m205 | 202 | 6,150 | SH | | SOLE | | 6,150 | 0 | 0 |
| Taiwan Semiconductor Mfg Ltd S | ADR | 874039100 | 6,416 | 209,735 | SH | | SOLE | | 185,890 | 0 | 23,845 |
| Taro Pharmaceutical Industries | ADR | m8737e108 | 8,700 | 78,727 | SH | | SOLE | | 49,014 | 0 | 29,713 |
| TE Connectivity Ltd Reg | ADR | h84989104 | 7,849 | 121,913 | SH | | SOLE | | 98,413 | 0 | 23,500 |
| Toyota Motor Corp Sp ADR 2 | ADR | 892331307 | 3,504 | 30,191 | SH | | SOLE | | 30,191 | 0 | 0 |
| Unilever PLC Sp ADR | ADR | 904767704 | 2,636 | 55,619 | SH | | SOLE | | 55,619 | 0 | 0 |
| Wipro Ltd Sp ADR 1 Sh | ADR | 97651m109 | 1,119 | 115,214 | SH | | SOLE | | 67,920 | 0 | 47,294 |
| WNS Holdings Ltd Sp ADR | ADR | 92932m101 | 1,181 | 39,443 | SH | | SOLE | | 21,443 | 0 | 18,000 |
| Xinyuan Real Estate Co Ltd Sp | ADR | 98417p105 | 1,000 | 158,198 | SH | | SOLE | | 198 | 0 | 158,000 |
