Copeland Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

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

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
ALIMENTATION COUCHE-TARD INC	COM	2011646	1,269	28,942	SH		SOLE		28,942	0	0
INGENICO SA	COM	4196897	246	1,947	SH		SOLE		1,947	0	0
KERRY GROUP PLC CLASS A	COM	4519579	1,512	18,247	SH		SOLE		18,247	0	0
PADDY POWER (OLD)	COM	4828974	361	2,700	SH		SOLE		2,700	0	0
SAFRAN SA	COM	B058TZ6	396	5,755	SH		SOLE		5,755	0	0
BETFAIR GROUP PLC	COM	BSPL1J9	1,724	29,989	SH		SOLE		29,989	0	0
CAPITA PLC	COM	B23K0M2	604	33,946	SH		SOLE		33,946	0	0
CLOSE BROTHERS GROUP PLC	COM	0766807	295	14,961	SH		SOLE		14,961	0	0
IMPERIAL TOBACCO GROUP PLC	COM	0454492	1,416	26,785	SH		SOLE		26,785	0	0
ITV PLC	COM	3398649	746	183,094	SH		SOLE		183,094	0	0
NEXT PLC	COM	3208986	951	8,850	SH		SOLE		8,850	0	0
RECKITT BENCKISER GROUP PLC	COM	B24CGK7	333	3,600	SH		SOLE		3,600	0	0
RIGHTMOVE PLC	COM	B2987V8	1,324	21,772	SH		SOLE		21,772	0	0
SMITH & NEPHEW PLC	COM	0922320	457	25,684	SH		SOLE		25,684	0	0
AIA GROUP LIMITED	COM	B4TX8S1	243	40,400	SH		SOLE		40,400	0	0
CHINA MEDICAL SYSTEM	COM	B6WY993	18	12,178	SH		SOLE		12,178	0	0
TECHTRONIC INDUSTRIES CO LTD	COM	B0190C7	1,980	485,500	SH		SOLE		485,500	0	0
ABC MART INC	COM	6292102	1,117	20,200	SH		SOLE		20,200	0	0
FUJI HEAVY INDUSTRIES LTD	COM	6356406	1,692	40,500	SH		SOLE		40,500	0	0
KOSE CORPORATION	COM	6194468	853	9,100	SH		SOLE		9,100	0	0
TOPCON CORPORATION	COM	6894241	341	19,900	SH		SOLE		19,900	0	0
UNIBET GROUP PLC SHRS SWEDISH	COM	BYSY2K5	920	8,976	SH		SOLE		8,976	0	0
3M COMPANY	COM	88579Y101	226	1,500	SH		SOLE		1,500	0	0
ABBVIE INC	COM	00287Y109	334	5,636	SH		SOLE		5,528	0	108
ADT CORPORATION	COM	00101J106	6,577	199,436	SH		SOLE		171,069	0	28,367
AIRGAS	COM	009363102	12,672	91,612	SH		SOLE		83,268	0	8,344
AIRGAS	COM	009363102	18	133	SH		DFND	3	133	0	0
ALTRA INDUSTRIAL MOTION	COM	02208R106	9,157	365,112	SH		SOLE		274,941	0	90,171
ALTRIA GROUP INC	COM	02209S103	12,713	218,402	SH		SOLE		218,052	0	350
ALTRIA GROUP INC	COM	02209S103	2,848	48,933	SH		DFND	2	0	0	48,933
ALTRIA GROUP INC	COM	02209S103	19	332	SH		DFND		0	0	332
AMERICAN STATES WATER COMPANY	COM	029899101	19,324	460,644	SH		SOLE		325,974	0	134,670
AMERICAN TOWER	COM	03027X100	2,683	27,678	SH		SOLE		26,893	0	785
AMERICAN TOWER	COM	03027X100	16	164	SH		DFND	3	164	0	0
AMERIPRISE FINANCIAL INC	COM	03076C106	2,502	23,507	SH		SOLE		22,681	0	826
AMERIPRISE FINANCIAL INC	COM	03076C106	15	137	SH		DFND	2	0	0	137
AMERIPRISE FINANCIAL INC	COM	03076C106	14	132	SH		DFND	3	132	0	0
AMERISOURCEBERGEN	COM	03073E105	6,159	59,387	SH		SOLE		59,387	0	0
AMGEN	COM	031162100	2,866	17,656	SH		SOLE		16,975	0	681
AMGEN	COM	031162100	12	73	SH		DFND	2	0	0	73
AMGEN	COM	031162100	13	80	SH		DFND	3	80	0	0
ANADARKO PETE CORP	COM	032511107	389	8,000	SH		SOLE		8,000	0	0
APACHE CORP	COM	037411105	296	6,666	SH		SOLE		6,666	0	0
APPLE INC	COM	037833100	2,076	19,726	SH		SOLE		19,140	0	586
AT&T	COM	00206R102	159	4,609	SH		SOLE		3,580	0	1,029
AT&T	COM	00206R102	135	3,914	SH		DFND	2	0	0	3,914
AUTO DATA PROCESSING	COM	053015103	1,148	13,548	SH		SOLE		12,142	0	1,406
BANK OF THE OZARKS	COM	063904106	41,833	845,789	SH		SOLE		667,296	0	178,493
BANK OF THE OZARKS	COM	063904106	17	343	SH		DFND	2	0	0	343
BANK OF THE OZARKS	COM	063904106	20	402	SH		DFND	3	402	0	0
BLACKROCK INC	COM	09247X101	2,153	6,323	SH		SOLE		6,057	0	266
BOEING CO	COM	097023105	1,834	12,687	SH		SOLE		12,055	0	632
BRINKER INTL	COM	109641100	28,066	585,319	SH		SOLE		497,184	0	88,135
BRINKER INTL	COM	109641100	2,179	45,450	SH		DFND	2	0	0	45,450
BRINKER INTL	COM	109641100	15	315	SH		DFND		0	0	315
BRINKER INTL	COM	109641100	10	213	SH		DFND	3	213	0	0
BRIXMOR PROPERTY GROUP INC.	COM	11120U105	7,212	279,310	SH		SOLE		241,860	0	37,450
BROADCOM	COM	111320107	1,790	30,953	SH		SOLE		30,953	0	0
BROADCOM LIMITED	COM	Y09827109	21,622	148,961	SH		SOLE		148,478	0	483
BROADCOM LIMITED	COM	Y09827109	2,882	19,858	SH		DFND	2	0	0	19,858
BROADCOM LIMITED	COM	Y09827109	20	139	SH		DFND		0	0	139
BROADCOM LIMITED	COM	Y09827109	15	103	SH		DFND	3	103	0	0
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	20,959	390,085	SH		SOLE		373,130	0	16,955
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	2,546	47,382	SH		DFND	2	0	0	47,382
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	18	335	SH		DFND		0	0	335
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	11	209	SH		DFND	3	209	0	0
CANADIAN NATIONAL RAILWAY	COM	136375102	824	14,743	SH		SOLE		12,969	0	1,774
CARDINAL HEALTH	COM	14149Y108	3,265	36,569	SH		SOLE		35,272	0	1,297
CARDINAL HEALTH	COM	14149Y108	19	217	SH		DFND	2	0	0	217
CARDINAL HEALTH	COM	14149Y108	13	144	SH		DFND	3	144	0	0
CASEY'S GENERAL STORES	COM	147528103	46,620	387,051	SH		SOLE		325,736	0	61,315
CASEY'S GENERAL STORES	COM	147528103	2,268	18,829	SH		DFND	2	0	0	18,829
CASEY'S GENERAL STORES	COM	147528103	16	131	SH		DFND		0	0	131
CEB INC.	COM	125134106	20,252	329,899	SH		SOLE		262,092	0	67,807
CEB INC.	COM	125134106	9	145	SH		DFND	2	0	0	145
CEB INC.	COM	125134106	12	195	SH		DFND	3	195	0	0
CHEMED CORP	COM	16359R103	20,980	140,051	SH		SOLE		100,003	0	40,048
CHUBB LTD	COM	H1467J104	666	5,698	SH		SOLE		5,698	0	0
CHURCH & DWIGHT	COM	171340102	25,712	302,927	SH		SOLE		288,531	0	14,396
CHURCH & DWIGHT	COM	171340102	3,168	37,328	SH		DFND	2	0	0	37,328
CHURCH & DWIGHT	COM	171340102	21	249	SH		DFND		0	0	249
CHURCH & DWIGHT	COM	171340102	17	197	SH		DFND	3	197	0	0
CHURCHILL DOWNS INC	COM	171484108	20,551	145,247	SH		SOLE		102,246	0	43,001
COCA COLA ENTERPRISES INC	COM	19122T109	1,063	21,598	SH		SOLE		21,598	0	0
COMCAST	COM	20030N101	14,946	264,860	SH		SOLE		263,120	0	1,740
COMCAST	COM	20030N101	2,702	47,874	SH		DFND	2	0	0	47,874
COMCAST	COM	20030N101	19	330	SH		DFND		0	0	330
COMCAST	COM	20030N101	17	294	SH		DFND	3	294	0	0
CORE LABORATORIES N.V.	COM	N22717107	6,454	59,354	SH		SOLE		52,967	0	6,387
CORE LABORATORIES N.V.	COM	N22717107	9	81	SH		DFND	3	81	0	0
CORE-MARK HOLDING COMPANY	COM	218681104	17,826	217,548	SH		SOLE		150,723	0	66,825
COSTCO WHOLESALE	COM	22160K105	15,525	96,127	SH		SOLE		95,610	0	517
COSTCO WHOLESALE	COM	22160K105	3,644	22,562	SH		DFND	2	0	0	22,562
COSTCO WHOLESALE	COM	22160K105	24	151	SH		DFND		0	0	151
CUMMINS	COM	231021106	779	8,854	SH		SOLE		8,181	0	673
CUMMINS	COM	231021106	7	80	SH		DFND	2	0	0	80
CUMMINS	COM	231021106	8	94	SH		DFND	3	94	0	0
CVS HEALTH CORP	COM	126650100	17,107	174,973	SH		SOLE		173,793	0	1,180
CVS HEALTH CORP	COM	126650100	3,240	33,136	SH		DFND	2	0	0	33,136
CVS HEALTH CORP	COM	126650100	21	219	SH		DFND		0	0	219
CVS HEALTH CORP	COM	126650100	16	164	SH		DFND	3	164	0	0
DISCOVER FINANCIAL SVCS	COM	254709108	7,614	141,992	SH		SOLE		141,992	0	0
DISCOVER FINANCIAL SVCS	COM	254709108	11	197	SH		DFND	2	0	0	197
DISCOVER FINANCIAL SVCS	COM	254709108	12	218	SH		DFND	3	218	0	0
DISNEY WALT	COM	254687106	14,064	133,837	SH		SOLE		132,946	0	891
DISNEY WALT	COM	254687106	2,710	25,793	SH		DFND	2	0	0	25,793
DISNEY WALT	COM	254687106	19	180	SH		DFND		0	0	180
DISNEY WALT	COM	254687106	14	130	SH		DFND	3	130	0	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	13,648	146,433	SH		SOLE		146,133	0	300
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	3,199	34,328	SH		DFND	2	0	0	34,328
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	21	230	SH		DFND		0	0	230
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	14,424	453,732	SH		SOLE		317,049	0	136,683
ECOLAB	COM	278865100	2,812	24,589	SH		SOLE		23,831	0	758
ECOLAB	COM	278865100	15	130	SH		DFND	2	0	0	130
ENLINK MIDSTREAM LLC	COM	29336T100	2,931	194,227	SH		SOLE		171,921	0	22,306
ENTERPRISE PRD PRTNRS LP	COM	293792107	612	23,938	SH		SOLE		22,130	0	1,808
EVERCORE PARTNERS INC. CLASS A	COM	29977A105	13,895	256,982	SH		SOLE		178,298	0	78,684
EVERSOURCE ENERGY	COM	30040W108	11,935	233,703	SH		SOLE		233,703	0	0
EVERSOURCE ENERGY	COM	30040W108	2,924	57,254	SH		DFND	2	0	0	57,254
EVERSOURCE ENERGY	COM	30040W108	20	398	SH		DFND		0	0	398
EXPONENT INC	COM	30214U102	18,612	372,612	SH		SOLE		282,528	0	90,084
EXXON MOBIL CORP	COM	30231G102	549	7,037	SH		SOLE		6,237	0	800
FACTSET RESEARCH SYSTEMS INC	COM	303075105	20,406	125,519	SH		SOLE		118,964	0	6,555
FACTSET RESEARCH SYSTEMS INC	COM	303075105	2,471	15,199	SH		DFND	2	0	0	15,199
FACTSET RESEARCH SYSTEMS INC	COM	303075105	18	108	SH		DFND		0	0	108
FEI COMPANY	COM	30241L109	16,270	203,909	SH		SOLE		143,907	0	60,002
FLOWERS FOODS INC	COM	343498101	9,889	460,174	SH		SOLE		460,174	0	0
G&K SERVICES	COM	361268105	14,096	224,103	SH		SOLE		157,990	0	66,113
GAMESTOP CORP CLASS A	COM	36467W109	5,755	205,252	SH		SOLE		175,878	0	29,374
GENERAL ELECTRIC	COM	369604103	1,359	43,642	SH		SOLE		43,459	0	183
HARRIS CORPORATION	COM	413875105	22,339	257,064	SH		SOLE		243,635	0	13,429
HARRIS CORPORATION	COM	413875105	2,713	31,215	SH		DFND	2	0	0	31,215
HARRIS CORPORATION	COM	413875105	19	221	SH		DFND		0	0	221
HEALTHCARE SERVICES GROUP	COM	421906108	20,524	588,586	SH		SOLE		426,279	0	162,307
HEALTHSOUTH CORP	COM	421924309	16,782	482,099	SH		SOLE		380,802	0	101,297
HEARTLAND PAYMENT SYSTEMS	COM	42235N108	39,006	411,372	SH		SOLE		322,134	0	89,238
HEARTLAND PAYMENT SYSTEMS	COM	42235N108	3,134	33,050	SH		DFND	2	0	0	33,050
HEARTLAND PAYMENT SYSTEMS	COM	42235N108	22	233	SH		DFND		0	0	233
HEARTLAND PAYMENT SYSTEMS	COM	42235N108	30	320	SH		DFND	3	320	0	0
HEICO CORP	COM	422806109	19,667	361,799	SH		SOLE		262,405	0	99,394
HEICO CORP	COM	422806109	18	327	SH		DFND	3	327	0	0
HOME BANCSHARES	COM	436893200	19,992	493,391	SH		SOLE		354,766	0	138,625
HOME DEPOT	COM	437076102	17,356	131,233	SH		SOLE		130,185	0	1,048
HOME DEPOT	COM	437076102	3,195	24,162	SH		DFND	2	0	0	24,162
HOME DEPOT	COM	437076102	22	167	SH		DFND		0	0	167
HORMEL FOODS	COM	440452100	14,832	187,558	SH		SOLE		187,558	0	0
HORMEL FOODS	COM	440452100	4,123	52,137	SH		DFND	2	0	0	52,137
HORMEL FOODS	COM	440452100	28	349	SH		DFND		0	0	349
INTEL CORP	COM	458140100	190	5,520	SH		SOLE		5,395	0	125
INTEL CORP	COM	458140100	28	800	SH		DFND	2	0	0	800
INTERNATIONAL PAPER COMPANY	COM	460146103	3,367	89,319	SH		SOLE		89,319	0	0
INTL FLAVORS & FRAGRANCES	COM	459506101	21,674	181,158	SH		SOLE		173,327	0	7,831
INTL FLAVORS & FRAGRANCES	COM	459506101	2,918	24,387	SH		DFND	2	0	0	24,387
INTL FLAVORS & FRAGRANCES	COM	459506101	19	162	SH		DFND		0	0	162
INTUIT	COM	461202103	12,698	131,588	SH		SOLE		131,588	0	0
INTUIT	COM	461202103	2,475	25,646	SH		DFND	2	0	0	25,646
INTUIT	COM	461202103	18	182	SH		DFND		0	0	182
INVESCO LTD	COM	BMG491BT1	268	8,000	SH		SOLE		8,000	0	0
ITC HOLDINGS CORP	COM	465685105	23,420	596,696	SH		SOLE		570,066	0	26,630
ITC HOLDINGS CORP	COM	465685105	3,505	89,289	SH		DFND	2	0	0	89,289
ITC HOLDINGS CORP	COM	465685105	24	621	SH		DFND		0	0	621
J & J SNACK FOODS	COM	466032109	21,167	181,428	SH		SOLE		130,448	0	50,980
J & J SNACK FOODS	COM	466032109	18	152	SH		DFND	3	152	0	0
J2 GLOBAL COMMUNICATIONS	COM	48123V102	38,598	468,873	SH		SOLE		369,817	0	99,056
J2 GLOBAL COMMUNICATIONS	COM	48123V102	2,659	32,301	SH		DFND	2	0	0	32,301
J2 GLOBAL COMMUNICATIONS	COM	48123V102	19	229	SH		DFND		0	0	229
J2 GLOBAL COMMUNICATIONS	COM	48123V102	23	279	SH		DFND	3	279	0	0
JACK HENRY & ASSOCIATES INC	COM	426281101	44,414	568,968	SH		SOLE		490,059	0	78,909
JACK HENRY & ASSOCIATES INC	COM	426281101	2,572	32,948	SH		DFND	2	0	0	32,948
JACK HENRY & ASSOCIATES INC	COM	426281101	18	232	SH		DFND		0	0	232
JOHNSON & JOHNSON	COM	478160104	377	3,672	SH		SOLE		3,672	0	0
KANSAS CITY SOUTHERN	COM	485170302	6,019	80,611	SH		SOLE		71,970	0	8,641
KROGER	COM	501044101	17,387	415,669	SH		SOLE		412,955	0	2,714
KROGER	COM	501044101	3,826	91,475	SH		DFND	2	0	0	91,475
KROGER	COM	501044101	26	610	SH		DFND		0	0	610
KROGER	COM	501044101	12	292	SH		DFND	3	292	0	0
LAZARD LTD-CL A	COM	G54050102	9,922	220,448	SH		SOLE		198,506	0	21,942
LAZARD LTD-CL A	COM	G54050102	10	226	SH		DFND	2	0	0	226
LITHIA MOTORS INC	COM	536797103	19,403	181,896	SH		SOLE		127,674	0	54,222
LITTELFUSE INC	COM	537008104	17,636	164,806	SH		SOLE		118,350	0	46,456
LOCKHEED MARTIN	COM	539830109	2,524	11,622	SH		SOLE		11,622	0	0
LOCKHEED MARTIN	COM	539830109	15	71	SH		DFND	2	0	0	71
MCCORMICK & CO	COM	579780206	8,740	102,150	SH		SOLE		102,150	0	0
MCDONALDS	COM	580135101	298	2,525	SH		SOLE		2,445	0	80
MEDTRONIC PLC	COM	G5960L103	2,889	37,562	SH		SOLE		36,693	0	869
MEDTRONIC PLC	COM	G5960L103	12	150	SH		DFND	2	0	0	150
MEDTRONIC PLC	COM	G5960L103	9	111	SH		DFND	3	111	0	0
MICROSOFT	COM	594918104	236	4,251	SH		SOLE		3,801	0	450
MICROSOFT	COM	594918104	83	1,500	SH		DFND	2	0	0	1,500
MONDELEZ INTL	COM	609207105	1,072	23,913	SH		SOLE		23,913	0	0
MONOTYPE IMAGING HOLDINGS INC	COM	61022P100	12,240	517,752	SH		SOLE		389,767	0	127,985
MOVADO GROUP INC.	COM	624580106	7,290	283,554	SH		SOLE		215,972	0	67,582
NEW JERSEY RESOURCES	COM	646025106	5,348	162,272	SH		SOLE		162,272	0	0
NEWMARKET	COM	651587107	19,750	51,874	SH		SOLE		40,426	0	11,448
NEWMARKET	COM	651587107	16	42	SH		DFND	3	42	0	0
NEXTERA ENERGY	COM	65339F101	12,375	119,116	SH		SOLE		119,116	0	0
NEXTERA ENERGY	COM	65339F101	2,965	28,542	SH		DFND	2	0	0	28,542
NEXTERA ENERGY	COM	65339F101	21	198	SH		DFND		0	0	198
NEXTERA ENERGY	COM	65339F101	13	124	SH		DFND	3	124	0	0
NIKE	COM	654106103	12,377	198,038	SH		SOLE		198,038	0	0
NIKE	COM	654106103	2,829	45,271	SH		DFND	2	0	0	45,271
NIKE	COM	654106103	20	316	SH		DFND		0	0	316
NORDSON CORP	COM	655663102	7,717	120,303	SH		SOLE		108,785	0	11,518
NORDSON CORP	COM	655663102	11	165	SH		DFND	2	0	0	165
NORDSON CORP	COM	655663102	11	173	SH		DFND	3	173	0	0
NORTHWESTERN CORPORATION	COM	668074305	5,055	93,183	SH		SOLE		93,183	0	0
NOVO-NORDISK A/S-SPONS ADR	COM	670100205	1,310	22,560	SH		SOLE		20,740	0	1,820
NOVO-NORDISK A/S-SPONS ADR	COM	670100205	18	315	SH		DFND	3	315	0	0
NRG YIELD	COM	62942X306	13,452	967,082	SH		SOLE		755,405	0	211,677
NU SKIN ENTERPRISES INC - A	COM	67018T105	4,588	121,075	SH		SOLE		108,226	0	12,849
OMEGA HEALTHCARE INVESTORS	COM	681936100	10,033	286,817	SH		SOLE		258,614	0	28,203
OMEGA HEALTHCARE INVESTORS	COM	681936100	11	314	SH		DFND	2	0	0	314
OMEGA HEALTHCARE INVESTORS	COM	681936100	15	433	SH		DFND	3	433	0	0
ORACLE CORPORATION	COM	68389X105	11,285	308,929	SH		SOLE		308,879	0	50
PARKER HANNIFIN	COM	701094104	204	2,100	SH		SOLE		2,100	0	0
PFIZER	COM	717081103	267	8,262	SH		SOLE		8,262	0	0
PHILIP MORRIS INTL	COM	718172109	218	2,477	SH		SOLE		2,317	0	160
PHILLIPS 66	COM	718546104	1,909	23,339	SH		SOLE		23,339	0	0
PHILLIPS 66	COM	718546104	16	195	SH		DFND	3	195	0	0
PHILLIPS 66 PARTNERS LP	COM	718549207	4,171	67,932	SH		SOLE		3,410	0	64,522
POLARIS INDUSTRIES	COM	731068102	14,898	173,338	SH		SOLE		166,032	0	7,306
POLARIS INDUSTRIES	COM	731068102	2,253	26,217	SH		DFND	2	0	0	26,217
POLARIS INDUSTRIES	COM	731068102	16	183	SH		DFND		0	0	183
POLARIS INDUSTRIES	COM	731068102	8	94	SH		DFND	3	94	0	0
POOL CORP	COM	73278L105	24,415	302,240	SH		SOLE		217,845	0	84,395
POWER INTEGRATIONS, INC	COM	739276103	11,467	235,792	SH		SOLE		162,651	0	73,141
PROSPERITY BANCSHARES	COM	743606105	11,160	233,183	SH		SOLE		211,995	0	21,188
PROSPERITY BANCSHARES	COM	743606105	13	262	SH		DFND	3	262	0	0
QUAKER CHEMICAL CORP	COM	747316107	13,368	173,026	SH		SOLE		130,849	0	42,177
QUALCOMM	COM	747525103	7,241	144,856	SH		SOLE		144,856	0	0
QUALCOMM	COM	747525103	20	399	SH		DFND	2	0	0	399
QUALCOMM	COM	747525103	8	166	SH		DFND	3	166	0	0
QUEST DIAGNOSTICS	COM	74834L100	8,679	121,993	SH		SOLE		110,105	0	11,888
QUEST DIAGNOSTICS	COM	74834L100	11	150	SH		DFND	2	0	0	150
QUEST DIAGNOSTICS	COM	74834L100	12	171	SH		DFND	3	171	0	0
RESMED INC	COM	761152107	7,667	142,801	SH		SOLE		128,192	0	14,609
RETAIL OPPORTUNITY INVST CORP	COM	76131N101	20,126	1,124,332	SH		SOLE		805,358	0	318,974
RITCHIE BROS AUCTIONEERS	COM	767744105	13,363	554,265	SH		SOLE		366,154	0	188,111
ROCKWELL AUTOMATION	COM	773903109	6,215	60,570	SH		SOLE		59,985	0	585
ROSS STORES	COM	778296103	25,360	471,279	SH		SOLE		468,173	0	3,106
ROSS STORES	COM	778296103	3,173	58,959	SH		DFND	2	0	0	58,959
ROSS STORES	COM	778296103	22	410	SH		DFND		0	0	410
ROSS STORES	COM	778296103	19	360	SH		DFND	3	360	0	0
SABRA HEALTH CARE REIT	COM	78573L106	8,550	422,637	SH		SOLE		315,740	0	106,897
SCRIPPS NETWORKS INTER-CL A	COM	811065101	17,400	315,168	SH		SOLE		297,558	0	17,610
SCRIPPS NETWORKS INTER-CL A	COM	811065101	2,737	49,570	SH		DFND	2	0	0	49,570
SCRIPPS NETWORKS INTER-CL A	COM	811065101	19	347	SH		DFND		0	0	347
SCRIPPS NETWORKS INTER-CL A	COM	811065101	10	175	SH		DFND	3	175	0	0
SEMGROUP CORPORATION CLASS A	COM	81663A105	6,276	217,470	SH		SOLE		154,702	0	62,768
SMITH & NEPHEW PLC	COM	83175M205	7,095	199,309	SH		SOLE		173,433	0	25,876
SNAP-ON INC	COM	833034101	11,183	65,231	SH		SOLE		57,470	0	7,761
SOLERA HOLDINGS	COM	83421A104	7,962	145,219	SH		SOLE		128,038	0	17,181
SOLERA HOLDINGS	COM	83421A104	12	214	SH		DFND	3	214	0	0
SOUTH STATE CORP.	COM	840441109	16,650	231,408	SH		SOLE		163,517	0	67,891
SOUTHWEST GAS	COM	844895102	4,686	84,956	SH		SOLE		84,956	0	0
STANDARD MOTOR PRODUCTS	COM	853666105	13,295	349,409	SH		SOLE		264,328	0	85,081
STANDEX INTERNATIONAL CORPORAT	COM	854231107	11,512	138,454	SH		SOLE		103,384	0	35,070
STARBUCKS	COM	855244109	2,319	38,629	SH		SOLE		38,629	0	0
STERIS CORP	COM	G84720104	33,438	443,822	SH		SOLE		355,354	0	88,468
STERIS CORP	COM	G84720104	11	149	SH		DFND	2	0	0	149
SUNOCO LOGISTICS PARTNERS L.P	COM	86764L108	5,114	198,970	SH		SOLE		176,223	0	22,747
T ROWE PRICE GROUP INC	COM	74144T108	1,023	14,311	SH		SOLE		13,283	0	1,028
T ROWE PRICE GROUP INC	COM	74144T108	9	122	SH		DFND	2	0	0	122
T ROWE PRICE GROUP INC	COM	74144T108	11	157	SH		DFND	3	157	0	0
TANGER FACTORY OUTLET CENTERS	COM	875465106	14,401	440,403	SH		SOLE		309,106	0	131,297
TEVA PHARMACEUTICAL	COM	881624209	2,631	40,085	SH		SOLE		40,085	0	0
TEVA PHARMACEUTICAL	COM	881624209	9	140	SH		DFND	2	0	0	140
TEVA PHARMACEUTICAL	COM	881624209	14	219	SH		DFND	3	219	0	0
TEXAS INSTRUMENTS	COM	882508104	8,060	147,045	SH		SOLE		147,045	0	0
TEXAS INSTRUMENTS	COM	882508104	2,460	44,884	SH		DFND	2	0	0	44,884
TEXAS INSTRUMENTS	COM	882508104	17	318	SH		DFND		0	0	318
THE ENSIGN GROUP INC	COM	29358P101	16,446	726,722	SH		SOLE		524,484	0	202,238
THOR INDUSTRIES INC	COM	885160101	13,600	242,210	SH		SOLE		170,962	0	71,248
TIME WARNER INC NEW	COM	887317303	1,777	27,483	SH		SOLE		27,483	0	0
TJX COMPANIES	COM	872540109	12,451	175,582	SH		SOLE		175,582	0	0
TJX COMPANIES	COM	872540109	2,849	40,173	SH		DFND	2	0	0	40,173
TJX COMPANIES	COM	872540109	20	284	SH		DFND		0	0	284
TRACTOR SUPPLY CO	COM	892356106	21,718	254,008	SH		SOLE		240,605	0	13,403
UGI CORP	COM	902681105	5,824	172,505	SH		SOLE		172,505	0	0
UGI CORP	COM	902681105	2,656	78,680	SH		DFND	2	0	0	78,680
UGI CORP	COM	902681105	19	550	SH		DFND		0	0	550
UGI CORP	COM	902681105	13	373	SH		DFND	3	373	0	0
UNION PACIFIC	COM	907818108	1,579	20,194	SH		SOLE		20,194	0	0
UNION PACIFIC	COM	907818108	11	140	SH		DFND	2	0	0	140
UNION PACIFIC	COM	907818108	9	120	SH		DFND	3	120	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	3,346	28,443	SH		SOLE		27,368	0	1,075
UNITEDHEALTH GROUP INC	COM	91324P102	17	147	SH		DFND	2	0	0	147
UNITEDHEALTH GROUP INC	COM	91324P102	22	187	SH		DFND	3	187	0	0
VALSPAR	COM	920355104	7,817	94,238	SH		SOLE		82,171	0	12,067
VERIZON COMMUNICATIONS	COM	92343V104	11,981	259,227	SH		SOLE		259,227	0	0
VERIZON COMMUNICATIONS	COM	92343V104	2,859	61,853	SH		DFND	2	0	0	61,853
VERIZON COMMUNICATIONS	COM	92343V104	20	433	SH		DFND		0	0	433
VF CORP	COM	918204108	861	13,832	SH		SOLE		12,401	0	1,431
VISA	COM	92826C839	16,367	211,047	SH		SOLE		209,272	0	1,775
VISA	COM	92826C839	2,546	32,832	SH		DFND	2	0	0	32,832
VISA	COM	92826C839	18	232	SH		DFND		0	0	232
VISA	COM	92826C839	21	272	SH		DFND	3	272	0	0
WASTE CONNECTIONS	COM	941053100	10,076	178,903	SH		SOLE		159,027	0	19,876
WASTE CONNECTIONS	COM	941053100	17	304	SH		DFND	3	304	0	0
WEC ENERGY GROUP	COM	92939U106	13,574	264,558	SH		SOLE		264,558	0	0
WEC ENERGY GROUP	COM	92939U106	2,874	56,019	SH		DFND	2	0	0	56,019
WEC ENERGY GROUP	COM	92939U106	20	392	SH		DFND		0	0	392
WELLS FARGO	COM	949746101	2,251	41,412	SH		SOLE		39,643	0	1,769
WELLS FARGO	COM	949746101	15	268	SH		DFND	2	0	0	268
WELLS FARGO	COM	949746101	12	220	SH		DFND	3	220	0	0
WESTWOOD HOLDINGS GROUP	COM	961765104	517	9,928	SH		SOLE		9,588	0	340
WW GRAINGER	COM	384802104	377	1,862	SH		SOLE		1,862	0	0
WW GRAINGER	COM	384802104	12	60	SH		DFND	2	0	0	60
WYNDHAM WORLDWIDE	COM	98310W108	19,839	273,082	SH		SOLE		261,862	0	11,220
WYNDHAM WORLDWIDE	COM	98310W108	2,646	36,421	SH		DFND	2	0	0	36,421
WYNDHAM WORLDWIDE	COM	98310W108	18	254	SH		DFND		0	0	254
WYNDHAM WORLDWIDE	COM	98310W108	10	136	SH		DFND	3	136	0	0
XILINX	COM	983919101	8,181	174,176	SH		SOLE		155,971	0	18,205
XILINX	COM	983919101	11	242	SH		DFND	3	242	0	0
CLICKS GROUP LIMITED	COM	6105578	668	116,231	SH		SOLE		116,231	0	0
ISHARES TR RUSSL 2000 INDX	ETF	464287655	1,254	11,137	SH		SOLE		11,137	0	0