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
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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	1,293	28,942	SH		SOLE		28,942	0	0
NOVARTIS AG	COM	7103065	733	10,072	SH		SOLE		10,072	0	0
FRESENIUS SE & CO.KGaA	COM	4352097	584	7,987	SH		SOLE		7,987	0	0
KERRY GROUP PLC CLASS A	COM	4519579	1,580	16,995	SH		SOLE		16,995	0	0
MERCK KGAA	COM	4741844	879	10,521	SH		SOLE		10,521	0	0
PADDY POWER BETFAIR PLC	COM	BWT6H89	282	2,025	SH		SOLE		2,025	0	0
SAFRAN SA	COM	B058TZ6	402	5,755	SH		SOLE		5,755	0	0
CAPITA PLC	COM	B23K0M2	620	41,327	SH		SOLE		41,327	0	0
CLOSE BROTHERS GROUP PLC	COM	0766807	274	15,073	SH		SOLE		15,073	0	0
IMPERIAL BRANDS PLC	COM	0454492	1,358	24,466	SH		SOLE		24,466	0	0
PADDY POWER BETFAIR PLC	COM	BWXC0Z1	755	5,411	SH		SOLE		5,411	0	0
RECKITT BENCKISER GROUP PLC	COM	B24CGK7	349	3,600	SH		SOLE		3,600	0	0
ROYAL MAIL PLC	COM	BDVZYZ7	262	37,805	SH		SOLE		37,805	0	0
SAB MILLERPLC	COM	0483548	1,052	17,206	SH		SOLE		17,206	0	0
SMITH & NEPHEW PLC	COM	0922320	940	56,922	SH		SOLE		56,922	0	0
AIA GROUP LIMITED	COM	B4TX8S1	229	40,400	SH		SOLE		40,400	0	0
TECHTRONIC INDUSTRIES CO LTD	COM	B0190C7	437	110,600	SH		SOLE		110,600	0	0
FUJI HEAVY INDUSTRIES LTD	COM	6356406	297	8,400	SH		SOLE		8,400	0	0
3M COMPANY	COM	88579Y101	250	1,500	SH		SOLE		1,500	0	0
ABAXIS, INC	COM	002567105	10,947	241,174	SH		SOLE		171,324	0	69,850
ABBVIE INC	COM	00287Y109	322	5,636	SH		SOLE		5,528	0	108
ADT CORPORATION	COM	00101J106	8,114	196,655	SH		SOLE		168,288	0	28,367
AIRGAS	COM	009363102	11,216	79,184	SH		SOLE		70,840	0	8,344
AIRGAS	COM	009363102	19	133	SH		DFND	3	133	0	0
ALTRA INDUSTRIAL MOTION	COM	02208R106	10,029	361,016	SH		SOLE		274,856	0	86,160
ALTRIA GROUP INC	COM	02209S103	13,115	209,308	SH		SOLE		208,958	0	350
ALTRIA GROUP INC	COM	02209S103	3,088	49,281	SH		DFND	2	0	0	49,281
AMERICAN STATES WATER COMPANY	COM	029899101	17,762	451,259	SH		SOLE		321,166	0	130,093
AMERICAN TOWER	COM	03027X100	2,875	28,080	SH		SOLE		27,329	0	751
AMERICAN TOWER	COM	03027X100	17	164	SH		DFND	3	164	0	0
AMERIPRISE FINANCIAL INC	COM	03076C106	8,603	91,512	SH		SOLE		80,717	0	10,795
AMERIPRISE FINANCIAL INC	COM	03076C106	12	132	SH		DFND	3	132	0	0
AMERISOURCEBERGEN	COM	03073E105	5,062	58,487	SH		SOLE		58,487	0	0
AMGEN	COM	031162100	2,649	17,667	SH		SOLE		17,004	0	663
AMGEN	COM	031162100	12	80	SH		DFND	3	80	0	0
ANADARKO PETE CORP	COM	032511107	373	8,000	SH		SOLE		8,000	0	0
APACHE CORP	COM	037411105	325	6,666	SH		SOLE		6,666	0	0
APPLE INC	COM	037833100	2,347	21,532	SH		SOLE		20,966	0	566
APPLE INC	COM	037833100	12	110	SH		DFND	3	110	0	0
AUTO DATA PROCESSING	COM	053015103	1,204	13,423	SH		SOLE		12,069	0	1,354
BANK OF THE OZARKS	COM	063904106	36,780	876,334	SH		SOLE		704,412	0	171,922
BANK OF THE OZARKS	COM	063904106	17	402	SH		DFND	3	402	0	0
BLACKROCK INC	COM	09247X101	2,294	6,735	SH		SOLE		6,478	0	257
BLACKROCK INC	COM	09247X101	12	36	SH		DFND	3	36	0	0
BOEING CO	COM	097023105	2,373	18,694	SH		SOLE		18,080	0	614
BOEING CO	COM	097023105	9	70	SH		DFND	2	0	0	70
BRINKER INTL	COM	109641100	14,082	306,456	SH		SOLE		221,491	0	84,965
BRINKER INTL	COM	109641100	53	1,146	SH		DFND	2	0	0	1,146
BRINKER INTL	COM	109641100	10	213	SH		DFND	3	213	0	0
BRIXMOR PROPERTY GROUP INC.	COM	11120U105	7,078	276,275	SH		SOLE		233,119	0	43,156
BROADCOM LIMITED	COM	Y09827109	12,350	79,938	SH		SOLE		79,436	0	502
BROADCOM LIMITED	COM	Y09827109	22	142	SH		DFND	2	0	0	142
BROADCOM LIMITED	COM	Y09827109	16	103	SH		DFND	3	103	0	0
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	8,889	149,880	SH		SOLE		132,937	0	16,943
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	20	341	SH		DFND	2	0	0	341
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	12	209	SH		DFND	3	209	0	0
CANADIAN NATIONAL RAILWAY	COM	136375102	864	13,827	SH		SOLE		12,068	0	1,759
CARDINAL HEALTH	COM	14149Y108	2,990	36,484	SH		SOLE		35,239	0	1,245
CARDINAL HEALTH	COM	14149Y108	12	144	SH		DFND	3	144	0	0
CASEY'S GENERAL STORES	COM	147528103	43,308	382,172	SH		SOLE		323,145	0	59,027
CASEY'S GENERAL STORES	COM	147528103	3,278	28,923	SH		DFND	2	0	0	28,923
CASEY'S GENERAL STORES	COM	147528103	12	104	SH		DFND	3	104	0	0
CEB INC.	COM	125134106	22,635	349,687	SH		SOLE		278,977	0	70,710
CEB INC.	COM	125134106	13	195	SH		DFND	3	195	0	0
CHEMED CORP	COM	16359R103	18,695	138,020	SH		SOLE		99,363	0	38,657
CHEMED CORP	COM	16359R103	11	83	SH		DFND	3	83	0	0
CHUBB LTD	COM	H1467J104	1,507	12,652	SH		SOLE		11,935	0	717
CHURCH AND DWIGHT	COM	171340102	27,079	293,759	SH		SOLE		279,393	0	14,366
CHURCH AND DWIGHT	COM	171340102	3,407	36,965	SH		DFND	2	0	0	36,965
CHURCH AND DWIGHT	COM	171340102	18	197	SH		DFND	3	197	0	0
CHURCHILL DOWNS INC	COM	171484108	21,026	142,186	SH		SOLE		100,846	0	41,340
COCA COLA ENTERPRISES INC	COM	19122T109	565	11,136	SH		SOLE		11,136	0	0
COMCAST	COM	20030N101	3,527	57,750	SH		SOLE		56,019	0	1,731
COMCAST	COM	20030N101	58	951	SH		DFND	2	0	0	951
COMCAST	COM	20030N101	18	294	SH		DFND	3	294	0	0
CORE LABORATORIES N.V.	COM	N22717107	6,556	58,319	SH		SOLE		51,932	0	6,387
CORE LABORATORIES N.V.	COM	N22717107	9	81	SH		DFND	3	81	0	0
CORE-MARK HOLDING COMPANY	COM	218681104	17,400	213,339	SH		SOLE		148,828	0	64,511
COSTCO WHOLESALE	COM	22160K105	14,652	92,982	SH		SOLE		92,483	0	499
COSTCO WHOLESALE	COM	22160K105	3,526	22,375	SH		DFND	2	0	0	22,375
COSTCO WHOLESALE	COM	22160K105	12	73	SH		DFND	3	73	0	0
CROWN CASTLE INTL	COM	22822V101	5,665	65,496	SH		SOLE		65,496	0	0
CROWN CASTLE INTL	COM	22822V101	6	65	SH		DFND	2	0	0	65
CVS HEALTH CORP	COM	126650100	17,475	168,468	SH		SOLE		167,320	0	1,148
CVS HEALTH CORP	COM	126650100	3,446	33,220	SH		DFND	2	0	0	33,220
CVS HEALTH CORP	COM	126650100	17	164	SH		DFND	3	164	0	0
DIGITAL REALTY TRUST INC REIT	COM	253868103	215	2,430	SH		SOLE		2,430	0	0
DISCOVER FINANCIAL SVCS	COM	254709108	9,416	184,912	SH		SOLE		184,912	0	0
DISCOVER FINANCIAL SVCS	COM	254709108	11	218	SH		DFND	3	218	0	0
DISCOVER FINANCIAL SVCS	COM	254709108	0	0	SH		DFND	2	0	0	0
DISNEY WALT	COM	254687106	2,293	23,092	SH		SOLE		22,227	0	865
DISNEY WALT	COM	254687106	51	518	SH		DFND	2	0	0	518
DISNEY WALT	COM	254687106	13	130	SH		DFND	3	130	0	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	12,596	140,859	SH		SOLE		140,559	0	300
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	3,053	34,141	SH		DFND	2	0	0	34,141
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	12	134	SH		DFND	3	134	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	18,032	444,904	SH		SOLE		313,074	0	131,830
ECOLAB	COM	278865100	2,808	25,183	SH		SOLE		24,431	0	752
ECOLAB	COM	278865100	11	103	SH		DFND	3	103	0	0
EQUIFAX INC	COM	294429105	4,174	36,519	SH		SOLE		28,043	0	8,476
EQUIFAX INC	COM	294429105	9	80	SH		DFND	2	0	0	80
EVERCORE PARTNERS INC. CLASS A	COM	29977A105	13,029	251,774	SH		SOLE		175,840	0	75,934
EVERSOURCE ENERGY	COM	30040W108	15,018	257,421	SH		SOLE		257,421	0	0
EVERSOURCE ENERGY	COM	30040W108	3,364	57,670	SH		DFND	2	0	0	57,670
EXPEDIA INC	COM	30212P303	3,689	34,217	SH		SOLE		34,217	0	0
EXPONENT INC	COM	30214U102	18,603	364,702	SH		SOLE		278,542	0	86,160
EXXON MOBIL CORP	COM	30231G102	620	7,415	SH		SOLE		6,615	0	800
FACTSET RESEARCH SYSTEMS INC	COM	303075105	7,390	48,772	SH		SOLE		42,217	0	6,555
FACTSET RESEARCH SYSTEMS INC	COM	303075105	17	110	SH		DFND	2	0	0	110
FACTSET RESEARCH SYSTEMS INC	COM	303075105	11	72	SH		DFND	3	72	0	0
FEI COMPANY	COM	30241L109	17,809	200,078	SH		SOLE		142,211	0	57,867
G AND K SERVICES	COM	361268105	16,206	221,240	SH		SOLE		157,391	0	63,849
GENERAL ELECTRIC	COM	369604103	1,233	38,781	SH		SOLE		38,598	0	183
HARRIS CORPORATION	COM	413875105	7,872	101,109	SH		SOLE		87,680	0	13,429
HARRIS CORPORATION	COM	413875105	18	225	SH		DFND	2	0	0	225
HARRIS CORPORATION	COM	413875105	10	125	SH		DFND	3	125	0	0
HEALTHCARE SERVICES GROUP	COM	421906108	21,224	576,584	SH		SOLE		420,522	0	156,062
HEALTHSOUTH CORP	COM	421924309	20,193	536,626	SH		SOLE		430,935	0	105,691
HEARTLAND PAYMENT SYSTEMS	COM	42235N108	22,488	232,872	SH		SOLE		161,034	0	71,838
HEARTLAND PAYMENT SYSTEMS	COM	42235N108	23	237	SH		DFND	2	0	0	237
HEICO CORP	COM	422806109	21,501	357,571	SH		SOLE		261,181	0	96,390
HEICO CORP	COM	422806109	20	327	SH		DFND	3	327	0	0
HOME BANCSHARES	COM	436893200	20,081	490,374	SH		SOLE		356,699	0	133,675
HOME BANCSHARES	COM	436893200	12	289	SH		DFND	3	289	0	0
HOME DEPOT	COM	437076102	3,667	27,482	SH		SOLE		26,476	0	1,006
HOME DEPOT	COM	437076102	64	480	SH		DFND	2	0	0	480
HOME DEPOT	COM	437076102	13	95	SH		DFND	3	95	0	0
HORMEL FOODS	COM	440452100	15,006	347,035	SH		SOLE		347,035	0	0
HORMEL FOODS	COM	440452100	3,176	73,447	SH		DFND	2	0	0	73,447
INTERNATIONAL PAPER COMPANY	COM	460146103	3,493	85,114	SH		SOLE		85,114	0	0
INTL FLAVORS AND FRAGRANCES	COM	459506101	20,070	176,410	SH		SOLE		168,579	0	7,831
INTL FLAVORS AND FRAGRANCES	COM	459506101	2,749	24,162	SH		DFND	2	0	0	24,162
INTL FLAVORS AND FRAGRANCES	COM	459506101	12	104	SH		DFND	3	104	0	0
INTUIT	COM	461202103	193	1,857	SH		SOLE		1,857	0	0
INTUIT	COM	461202103	25	241	SH		DFND	2	0	0	241
INTUIT	COM	461202103	12	111	SH		DFND	3	111	0	0
INVESCO LTD	COM	BMG491BT1	246	8,000	SH		SOLE		8,000	0	0
ITC HOLDINGS CORP	COM	465685105	25,745	590,899	SH		SOLE		564,269	0	26,630
ITC HOLDINGS CORP	COM	465685105	3,919	89,954	SH		DFND	2	0	0	89,954
J AND J SNACK FOODS	COM	466032109	19,251	177,785	SH		SOLE		128,690	0	49,095
J AND J SNACK FOODS	COM	466032109	11	106	SH		DFND	3	106	0	0
J2 GLOBAL COMMUNICATIONS	COM	48123V102	21,372	347,061	SH		SOLE		251,587	0	95,474
J2 GLOBAL COMMUNICATIONS	COM	48123V102	14	234	SH		DFND	2	0	0	234
J2 GLOBAL COMMUNICATIONS	COM	48123V102	17	279	SH		DFND	3	279	0	0
JACK HENRY AND ASSOCIATES INC	COM	426281101	33,619	397,532	SH		SOLE		321,454	0	76,078
JACK HENRY AND ASSOCIATES INC	COM	426281101	20	237	SH		DFND	2	0	0	237
JOHNSON AND JOHNSON	COM	478160104	397	3,672	SH		SOLE		3,672	0	0
KANSAS CITY SOUTHERN	COM	485170302	6,600	77,233	SH		SOLE		68,592	0	8,641
KROGER	COM	501044101	15,231	398,188	SH		SOLE		395,586	0	2,602
KROGER	COM	501044101	3,477	90,897	SH		DFND	2	0	0	90,897
KROGER	COM	501044101	11	292	SH		DFND	3	292	0	0
LAZARD LTD-CL A	COM	G54050102	5,691	146,681	SH		SOLE		146,681	0	0
LITHIA MOTORS INC	COM	536797103	15,581	178,413	SH		SOLE		126,130	0	52,283
LITTELFUSE INC	COM	537008104	19,921	161,813	SH		SOLE		117,007	0	44,806
LOCKHEED MARTIN	COM	539830109	2,632	11,882	SH		SOLE		11,882	0	0
MCCORMICK AND CO	COM	579780206	9,798	98,497	SH		SOLE		98,497	0	0
MCDONALDS	COM	580135101	317	2,525	SH		SOLE		2,445	0	80
MCDONALDS	COM	580135101	6	45	SH		DFND	2	0	0	45
MEDTRONIC PLC	COM	G5960L103	4,119	54,919	SH		SOLE		54,059	0	860
MEDTRONIC PLC	COM	G5960L103	8	105	SH		DFND	2	0	0	105
MEDTRONIC PLC	COM	G5960L103	12	163	SH		DFND	3	163	0	0
MICROSOFT	COM	594918104	235	4,251	SH		SOLE		3,801	0	450
MICROSOFT	COM	594918104	9	155	SH		DFND	2	0	0	155
MONOTYPE IMAGING HOLDINGS INC	COM	61022P100	12,259	512,499	SH		SOLE		390,207	0	122,292
MOVADO GROUP INC.	COM	624580106	7,714	280,205	SH		SOLE		215,585	0	64,620
NEW JERSEY RESOURCES	COM	646025106	7,136	195,876	SH		SOLE		195,876	0	0
NEWMARKET	COM	651587107	20,376	51,420	SH		SOLE		40,371	0	11,049
NEWMARKET	COM	651587107	17	42	SH		DFND	3	42	0	0
NEXTERA ENERGY	COM	65339F101	15,459	130,632	SH		SOLE		130,632	0	0
NEXTERA ENERGY	COM	65339F101	3,403	28,755	SH		DFND	2	0	0	28,755
NEXTERA ENERGY	COM	65339F101	15	124	SH		DFND	3	124	0	0
NIELSEN HOLDINGS PLC	COM	G6518L108	3,024	57,426	SH		SOLE		57,426	0	0
NIKE	COM	654106103	190	3,084	SH		SOLE		3,084	0	0
NIKE	COM	654106103	56	910	SH		DFND	2	0	0	910
NIKE	COM	654106103	12	198	SH		DFND	3	198	0	0
NORDSON CORP	COM	655663102	8,896	116,986	SH		SOLE		105,468	0	11,518
NORDSON CORP	COM	655663102	13	173	SH		DFND	3	173	0	0
NORTHWESTERN CORPORATION	COM	668074305	8,469	137,154	SH		SOLE		137,154	0	0
NORTHWESTERN CORPORATION	COM	668074305	3,162	51,203	SH		DFND	2	0	0	51,203
NOVO-NORDISK A/S-SPONS ADR	COM	670100205	3,455	63,762	SH		SOLE		61,957	0	1,805
NRG YIELD	COM	62942X306	12,852	947,059	SH		SOLE		742,888	0	204,171
OMEGA HEALTHCARE INVESTORS	COM	681936100	10,015	283,703	SH		SOLE		255,566	0	28,137
OMEGA HEALTHCARE INVESTORS	COM	681936100	15	433	SH		DFND	3	433	0	0
OMEGA HEALTHCARE INVESTORS	COM	681936100	0	0	SH		DFND	2	0	0	0
PARKER HANNIFIN	COM	701094104	233	2,100	SH		SOLE		2,100	0	0
PFIZER	COM	717081103	245	8,262	SH		SOLE		8,262	0	0
PHILIP MORRIS INTL	COM	718172109	243	2,477	SH		SOLE		2,317	0	160
PHILLIPS 66	COM	718546104	2,059	23,777	SH		SOLE		23,777	0	0
PHILLIPS 66	COM	718546104	13	151	SH		DFND	3	151	0	0
PHILLIPS 66 PARTNERS LP	COM	718549207	3,293	52,610	SH		SOLE		3,868	0	48,742
POLARIS INDUSTRIES	COM	731068102	5,781	58,700	SH		SOLE		51,394	0	7,306
POLARIS INDUSTRIES	COM	731068102	52	526	SH		DFND	2	0	0	526
POOL CORP	COM	73278L105	25,999	296,323	SH		SOLE		215,001	0	81,322
POWER INTEGRATIONS, INC	COM	739276103	11,586	233,309	SH		SOLE		162,658	0	70,651
PROSPERITY BANCSHARES	COM	743606105	8,737	188,333	SH		SOLE		167,145	0	21,188
QUAKER CHEMICAL CORP	COM	747316107	14,467	170,480	SH		SOLE		130,179	0	40,301
QUEST DIAGNOSTICS	COM	74834L100	8,470	118,538	SH		SOLE		106,650	0	11,888
RESMED INC	COM	761152107	8,107	140,215	SH		SOLE		125,606	0	14,609
RETAIL OPPORTUNITY INVST CORP	COM	76131N101	22,172	1,102,005	SH		SOLE		794,548	0	307,457
RITCHIE BROS AUCTIONEERS	COM	767744105	14,773	545,540	SH		SOLE		364,093	0	181,447
ROCKWELL AUTOMATION	COM	773903109	5,840	51,343	SH		SOLE		51,343	0	0
ROSS STORES	COM	778296103	12,755	220,302	SH		SOLE		217,270	0	3,032
ROSS STORES	COM	778296103	74	1,273	SH		DFND	2	0	0	1,273
ROSS STORES	COM	778296103	21	360	SH		DFND	3	360	0	0
SABRA HEALTH CARE REIT	COM	78573L106	8,405	418,352	SH		SOLE		316,211	0	102,141
SCRIPPS NETWORKS INTER-CL A	COM	811065101	8,978	137,067	SH		SOLE		119,457	0	17,610
SCRIPPS NETWORKS INTER-CL A	COM	811065101	65	999	SH		DFND	2	0	0	999
SCRIPPS NETWORKS INTER-CL A	COM	811065101	11	175	SH		DFND	3	175	0	0
SMITH AND NEPHEW PLC	COM	83175M205	6,431	193,016	SH		SOLE		167,140	0	25,876
SNAP-ON INC	COM	833034101	10,146	64,630	SH		SOLE		56,869	0	7,761
SOUTH STATE CORP.	COM	840441109	14,638	227,893	SH		SOLE		162,460	0	65,433
SOUTHWEST GAS	COM	844895102	7,064	107,276	SH		SOLE		107,276	0	0
STANDARD MOTOR PRODUCTS	COM	853666105	11,853	342,071	SH		SOLE		260,775	0	81,296
STANDEX INTERNATIONAL CORPORAT	COM	854231107	12,734	163,660	SH		SOLE		123,359	0	40,301
STARBUCKS	COM	855244109	2,990	50,080	SH		SOLE		49,110	0	970
STARBUCKS	COM	855244109	12	196	SH		DFND	3	196	0	0
STERIS CORP	COM	G84720104	31,998	450,361	SH		SOLE		365,192	0	85,169
STERIS CORP	COM	G84720104	11	156	SH		DFND	3	156	0	0
SUNOCO LOGISTICS PARTNERS L.P	COM	86764L108	4,066	162,166	SH		SOLE		162,166	0	0
TANGER FACTORY OUTLET CENTERS	COM	875465106	15,743	432,610	SH		SOLE		306,170	0	126,440
TEVA PHARMACEUTICAL	COM	881624209	3,188	59,580	SH		SOLE		59,580	0	0
TEVA PHARMACEUTICAL	COM	881624209	5	95	SH		DFND	2	0	0	95
TEVA PHARMACEUTICAL	COM	881624209	12	219	SH		DFND	3	219	0	0
THE ENSIGN GROUP INC	COM	29358P101	16,225	716,631	SH		SOLE		521,798	0	194,833
THOR INDUSTRIES INC	COM	885160101	15,247	239,100	SH		SOLE		170,310	0	68,790
TJX COMPANIES	COM	872540109	199	2,538	SH		SOLE		2,538	0	0
TJX COMPANIES	COM	872540109	64	816	SH		DFND	2	0	0	816
TRACTOR SUPPLY CO	COM	892356106	11,316	125,099	SH		SOLE		111,696	0	13,403
UGI CORP	COM	902681105	8,379	207,963	SH		SOLE		207,963	0	0
UGI CORP	COM	902681105	3,218	79,869	SH		DFND	2	0	0	79,869
UGI CORP	COM	902681105	15	373	SH		DFND	3	373	0	0
UNION PACIFIC	COM	907818108	1,675	21,052	SH		SOLE		21,052	0	0
UNION PACIFIC	COM	907818108	10	120	SH		DFND	3	120	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	3,608	27,987	SH		SOLE		26,956	0	1,031
UNITEDHEALTH GROUP INC	COM	91324P102	9	70	SH		DFND	2	0	0	70
UNITEDHEALTH GROUP INC	COM	91324P102	24	187	SH		DFND	3	187	0	0
VALSPAR	COM	920355104	9,938	92,858	SH		SOLE		80,791	0	12,067
VERIZON COMMUNICATIONS	COM	92343V104	15,398	284,728	SH		SOLE		284,728	0	0
VERIZON COMMUNICATIONS	COM	92343V104	3,395	62,778	SH		DFND	2	0	0	62,778
VF CORP	COM	918204108	853	13,169	SH		SOLE		11,798	0	1,371
VISA	COM	92826C839	3,671	48,002	SH		SOLE		46,277	0	1,725
VISA	COM	92826C839	18	236	SH		DFND	2	0	0	236
VISA	COM	92826C839	11	149	SH		DFND	3	149	0	0
WASTE CONNECTIONS	COM	941053100	12,330	190,892	SH		SOLE		169,511	0	21,381
WASTE CONNECTIONS	COM	941053100	20	304	SH		DFND	3	304	0	0
WEC ENERGY GROUP	COM	92939U106	17,331	288,507	SH		SOLE		288,507	0	0
WEC ENERGY GROUP	COM	92939U106	3,416	56,867	SH		DFND	2	0	0	56,867
WELLS FARGO	COM	949746101	2,494	51,573	SH		SOLE		49,854	0	1,719
WELLS FARGO	COM	949746101	11	220	SH		DFND	3	220	0	0
WESTWOOD HOLDINGS GROUP	COM	961765104	582	9,928	SH		SOLE		9,588	0	340
WW GRAINGER	COM	384802104	338	1,450	SH		SOLE		1,450	0	0
WW GRAINGER	COM	384802104	0	1	SH		DFND	2	0	0	1
WYNDHAM WORLDWIDE	COM	98310W108	9,225	120,696	SH		SOLE		105,789	0	14,907
WYNDHAM WORLDWIDE	COM	98310W108	56	730	SH		DFND	2	0	0	730
WYNDHAM WORLDWIDE	COM	98310W108	10	136	SH		DFND	3	136	0	0
XILINX	COM	983919101	8,125	171,295	SH		SOLE		153,090	0	18,205
XILINX	COM	983919101	11	242	SH		DFND	3	242	0	0