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
3M COMPANY	COM	88579Y101	268	1,500	SH		SOLE		1,500	0	0
ABAXIS, INC	COM	002567105	18,476	350,115	SH		SOLE		265,400	0	84,715
ABBVIE INC	COM	00287Y109	329	5,256	SH		SOLE		5,148	0	108
ACCENTURE PLC	COM	G1151C101	448	3,827	SH		SOLE		3,827	0	0
ALLSTATE CORPORATION	COM	020002101	4,210	56,803	SH		SOLE		56,803	0	0
ALLSTATE CORPORATION	COM	020002101	1,942	26,202	SH		DFND	2	0	0	26,202
ALLSTATE CORPORATION	COM	020002101	13	173	SH		DFND	3	173	0	0
ALTRIA GROUP INC	COM	02209S103	4,804	71,044	SH		SOLE		70,694	0	350
ALTRIA GROUP INC	COM	02209S103	2,513	37,163	SH		DFND	2	0	0	37,163
AMERICAN STATES WATER COMPANY	COM	029899101	19,944	437,742	SH		SOLE		331,272	0	106,470
AMERICAN TOWER	COM	03027X100	5,807	54,951	SH		SOLE		54,408	0	543
AMERICAN TOWER	COM	03027X100	1,705	16,131	SH		DFND	2	0	0	16,131
AMERICAN TOWER	COM	03027X100	13	127	SH		DFND	3	127	0	0
AMERIPRISE FINANCIAL INC	COM	03076C106	9,496	85,593	SH		SOLE		78,823	0	6,770
AMERIPRISE FINANCIAL INC	COM	03076C106	13	115	SH		DFND	3	115	0	0
AMERISOURCEBERGEN	COM	03073E105	10,545	134,864	SH		SOLE		127,266	0	7,598
AMERISOURCEBERGEN	COM	03073E105	1,414	18,086	SH		DFND	2	0	0	18,086
AMGEN	COM	031162100	5,441	37,211	SH		SOLE		36,762	0	449
AMGEN	COM	031162100	1,281	8,764	SH		DFND	2	0	0	8,764
AMGEN	COM	031162100	12	80	SH		DFND	3	80	0	0
ANADARKO PETE CORP	COM	032511107	349	5,000	SH		SOLE		5,000	0	0
AON PLC	COM	G0408V102	434	3,895	SH		SOLE		3,895	0	0
APACHE CORP	COM	037411105	254	4,000	SH		SOLE		4,000	0	0
APPLE INC	COM	037833100	8,000	69,072	SH		SOLE		68,646	0	426
APPLE INC	COM	037833100	13	110	SH		DFND	3	110	0	0
AUTO DATA PROCESSING	COM	053015103	1,258	12,243	SH		SOLE		11,245	0	998
B/E AEROSPACE INC	COM	073302101	5,852	97,231	SH		SOLE		85,296	0	11,935
BANK OF THE OZARKS	COM	063904106	49,555	942,283	SH		SOLE		798,318	0	143,965
BANK OF THE OZARKS	COM	063904106	2,502	47,574	SH		DFND	2	0	0	47,574
BANK OF THE OZARKS	COM	063904106	13	245	SH		DFND	3	245	0	0
BLACKROCK INC	COM	09247X101	4,602	12,093	SH		SOLE		11,898	0	195
BLACKROCK INC	COM	09247X101	1,904	5,003	SH		DFND	2	0	0	5,003
BLACKROCK INC	COM	09247X101	14	36	SH		DFND	3	36	0	0
BOEING CO	COM	097023105	5,852	37,592	SH		SOLE		37,130	0	462
BRINKER INTL	COM	109641100	14,214	286,981	SH		SOLE		216,913	0	70,068
BRIXMOR PROPERTY GROUP INC.	COM	11120U105	6,056	248,013	SH		SOLE		221,457	0	26,556
BROADCOM LIMITED	COM	Y09827109	15,550	87,966	SH		SOLE		87,615	0	351
BROADCOM LIMITED	COM	Y09827109	2,128	12,041	SH		DFND	2	0	0	12,041
BROADCOM LIMITED	COM	Y09827109	14	79	SH		DFND	3	79	0	0
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	12,748	192,273	SH		SOLE		181,731	0	10,542
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	1,901	28,667	SH		DFND	2	0	0	28,667
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	14	209	SH		DFND	3	209	0	0
BWX TECHNOLOGIES INC	COM	05605H100	10,482	264,041	SH		SOLE		206,792	0	57,249
C.R. BARD, INC	COM	067383109	3,712	16,523	SH		SOLE		16,523	0	0
C.R. BARD, INC	COM	067383109	1,467	6,530	SH		DFND	2	0	0	6,530
CALAVO GROWERS INC	COM	128246105	8,805	143,398	SH		SOLE		112,337	0	31,061
CANADIAN NATIONAL RAILWAY	COM	136375102	3,631	53,876	SH		SOLE		52,538	0	1,338
CANADIAN NATIONAL RAILWAY	COM	136375102	2,014	29,874	SH		DFND	2	0	0	29,874
CARDINAL HEALTH	COM	14149Y108	2,553	35,468	SH		SOLE		34,529	0	939
CARDINAL HEALTH	COM	14149Y108	10	144	SH		DFND	3	144	0	0
CASEY'S GENERAL STORES	COM	147528103	38,647	325,096	SH		SOLE		275,838	0	49,258
CASEY'S GENERAL STORES	COM	147528103	1,589	13,367	SH		DFND	2	0	0	13,367
CASEY'S GENERAL STORES	COM	147528103	12	104	SH		DFND	3	104	0	0
CEB INC.	COM	125134106	13,284	219,211	SH		SOLE		162,014	0	57,197
CEB INC.	COM	125134106	12	195	SH		DFND	3	195	0	0
CHEMED CORP	COM	16359R103	21,564	134,432	SH		SOLE		102,871	0	31,561
CHEMED CORP	COM	16359R103	13	83	SH		DFND	3	83	0	0
CHUBB LTD	COM	H1467J104	5,819	44,043	SH		SOLE		43,544	0	499
CHURCH AND DWIGHT	COM	171340102	15,224	344,504	SH		SOLE		327,167	0	17,337
CHURCH AND DWIGHT	COM	171340102	1,484	33,576	SH		DFND	2	0	0	33,576
CHURCH AND DWIGHT	COM	171340102	13	294	SH		DFND	3	294	0	0
COGNEX CORPORATION	COM	192422103	13,553	213,026	SH		SOLE		160,249	0	52,777
COMCAST	COM	20030N101	7,794	112,879	SH		SOLE		111,707	0	1,172
COMCAST	COM	20030N101	1,917	27,763	SH		DFND	2	0	0	27,763
COMCAST	COM	20030N101	15	216	SH		DFND	3	216	0	0
COMFORT SYSTEMS USA, INC.	COM	199908104	16,743	502,800	SH		SOLE		393,918	0	108,882
CORE-MARK HOLDING COMPANY	COM	218681104	24,382	566,106	SH		SOLE		442,247	0	123,859
COSTCO WHOLESALE	COM	22160K105	6,147	38,391	SH		SOLE		38,042	0	349
COSTCO WHOLESALE	COM	22160K105	12	73	SH		DFND	3	73	0	0
CROWN CASTLE INTL	COM	22822V101	5,346	61,615	SH		SOLE		61,615	0	0
CVS HEALTH CORP	COM	126650100	2,410	30,537	SH		SOLE		29,748	0	789
CVS HEALTH CORP	COM	126650100	10	126	SH		DFND	3	126	0	0
DIGITAL REALTY TRUST INC REIT	COM	253868103	229	2,330	SH		SOLE		2,330	0	0
DISCOVER FINANCIAL SVCS	COM	254709108	18,421	255,523	SH		SOLE		254,270	0	1,253
DISCOVER FINANCIAL SVCS	COM	254709108	2,318	32,158	SH		DFND	2	0	0	32,158
DISCOVER FINANCIAL SVCS	COM	254709108	16	218	SH		DFND	3	218	0	0
DISNEY WALT	COM	254687106	6,562	62,967	SH		SOLE		62,306	0	661
DISNEY WALT	COM	254687106	2,066	19,823	SH		DFND	2	0	0	19,823
DISNEY WALT	COM	254687106	12	116	SH		DFND	3	116	0	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	4,803	52,972	SH		SOLE		52,972	0	0
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	2,334	25,743	SH		DFND	2	0	0	25,743
DR PEPPER SNAPPLE GROUP INC	COM	26138E109	12	134	SH		DFND	3	134	0	0
DUPONT FABROS TECHNOLOGY INC	COM	26613Q106	15,800	359,665	SH		SOLE		268,050	0	91,615
ECOLAB	COM	278865100	5,160	44,016	SH		SOLE		43,447	0	569
ECOLAB	COM	278865100	12	103	SH		DFND	3	103	0	0
ENBRIDGE INC	COM	29250N105	3,518	83,524	SH		SOLE		82,137	0	1,387
ENBRIDGE INC	COM	29250N105	1,225	29,082	SH		DFND	2	0	0	29,082
EQUIFAX INC	COM	294429105	10,035	84,874	SH		SOLE		79,659	0	5,215
EQUIFAX INC	COM	294429105	1,704	14,412	SH		DFND	2	0	0	14,412
EVERCORE PARTNERS INC. CLASS A	COM	29977A105	16,818	244,798	SH		SOLE		182,321	0	62,477
EXPEDIA INC	COM	30212P303	6,913	61,027	SH		SOLE		55,798	0	5,229
EXPONENT INC	COM	30214U102	14,751	244,623	SH		SOLE		191,368	0	53,255
EXXON MOBIL CORP	COM	30231G102	2,660	29,471	SH		SOLE		28,671	0	800
EXXON MOBIL CORP	COM	30231G102	1,668	18,476	SH		DFND	2	0	0	18,476
FACTSET RESEARCH SYSTEMS INC	COM	303075105	7,292	44,618	SH		SOLE		40,730	0	3,888
FACTSET RESEARCH SYSTEMS INC	COM	303075105	12	72	SH		DFND	3	72	0	0
FORTIS INC	COM	349553107	5,229	169,323	SH		SOLE		157,001	0	12,322
G AND K SERVICES	COM	361268105	20,401	211,522	SH		SOLE		162,665	0	48,857
GENERAL ELECTRIC	COM	369604103	1,225	38,781	SH		SOLE		38,598	0	183
HARRIS CORPORATION	COM	413875105	13,867	135,328	SH		SOLE		127,363	0	7,965
HARRIS CORPORATION	COM	413875105	2,229	21,751	SH		DFND	2	0	0	21,751
HARRIS CORPORATION	COM	413875105	13	125	SH		DFND	3	125	0	0
HEALTHCARE SERVICES GROUP	COM	421906108	22,166	565,893	SH		SOLE		435,565	0	130,328
HEALTHSOUTH CORP	COM	421924309	24,656	597,876	SH		SOLE		495,354	0	102,522
HEICO CORP	COM	422806109	30,092	390,041	SH		SOLE		310,176	0	79,865
HOME BANCSHARES	COM	436893200	21,359	769,141	SH		SOLE		578,789	0	190,352
HOME BANCSHARES	COM	436893200	16	578	SH		DFND	3	578	0	0
HOME DEPOT	COM	437076102	7,468	55,700	SH		SOLE		54,940	0	760
HOME DEPOT	COM	437076102	1,911	14,252	SH		DFND	2	0	0	14,252
HOME DEPOT	COM	437076102	13	95	SH		DFND	3	95	0	0
HORMEL FOODS	COM	440452100	8,830	253,676	SH		SOLE		252,451	0	1,225
HORMEL FOODS	COM	440452100	1,906	54,741	SH		DFND	2	0	0	54,741
HORMEL FOODS	COM	440452100	10	297	SH		DFND	3	297	0	0
INTL FLAVORS AND FRAGRANCES	COM	459506101	11,035	93,650	SH		SOLE		89,005	0	4,645
INTL FLAVORS AND FRAGRANCES	COM	459506101	2,145	18,203	SH		DFND	2	0	0	18,203
INTL FLAVORS AND FRAGRANCES	COM	459506101	12	104	SH		DFND	3	104	0	0
INTUIT	COM	461202103	12,529	109,319	SH		SOLE		108,741	0	578
INTUIT	COM	461202103	2,112	18,424	SH		DFND	2	0	0	18,424
INTUIT	COM	461202103	13	111	SH		DFND	3	111	0	0
J AND J SNACK FOODS	COM	466032109	23,181	173,731	SH		SOLE		133,369	0	40,362
J AND J SNACK FOODS	COM	466032109	14	106	SH		DFND	3	106	0	0
J2 GLOBAL COMMUNICATIONS	COM	48123V102	31,133	380,599	SH		SOLE		301,693	0	78,906
J2 GLOBAL COMMUNICATIONS	COM	48123V102	2,396	29,289	SH		DFND	2	0	0	29,289
J2 GLOBAL COMMUNICATIONS	COM	48123V102	11	140	SH		DFND	3	140	0	0
JACK HENRY AND ASSOCIATES INC	COM	426281101	37,428	421,582	SH		SOLE		358,802	0	62,780
JACK HENRY AND ASSOCIATES INC	COM	426281101	2,051	23,106	SH		DFND	2	0	0	23,106
JACK HENRY AND ASSOCIATES INC	COM	426281101	13	148	SH		DFND	3	148	0	0
JOHNSON AND JOHNSON	COM	478160104	345	2,997	SH		SOLE		2,997	0	0
KROGER	COM	501044101	2,866	83,039	SH		SOLE		81,165	0	1,874
KROGER	COM	501044101	10	292	SH		DFND	3	292	0	0
LAZARD LTD-CL A	COM	G54050102	5,730	139,445	SH		SOLE		139,445	0	0
LITHIA MOTORS INC	COM	536797103	16,776	173,252	SH		SOLE		130,379	0	42,873
LITTELFUSE INC	COM	537008104	23,904	157,503	SH		SOLE		120,690	0	36,813
LOCKHEED MARTIN	COM	539830109	5,828	23,318	SH		SOLE		23,058	0	260
LOCKHEED MARTIN	COM	539830109	2,012	8,048	SH		DFND	2	0	0	8,048
LOCKHEED MARTIN	COM	539830109	14	57	SH		DFND	3	57	0	0
MASTERCARD INC	COM	57636Q104	4,180	40,480	SH		SOLE		40,480	0	0
MCDONALDS	COM	580135101	271	2,225	SH		SOLE		2,145	0	80
MEDTRONIC PLC	COM	G5960L103	5,131	72,032	SH		SOLE		71,422	0	610
MEDTRONIC PLC	COM	G5960L103	1,205	16,919	SH		DFND	2	0	0	16,919
MEDTRONIC PLC	COM	G5960L103	12	163	SH		DFND	3	163	0	0
MICROSOFT	COM	594918104	236	3,801	SH		SOLE		3,501	0	300
MORNINGSTAR INC	COM	617700109	9,867	134,140	SH		SOLE		105,076	0	29,064
MOTOROLA SOLUTIONS INC	COM	620076307	9,840	118,710	SH		SOLE		118,710	0	0
MOTOROLA SOLUTIONS INC	COM	620076307	2,163	26,098	SH		DFND	2	0	0	26,098
MOTOROLA SOLUTIONS INC	COM	620076307	13	162	SH		DFND	3	162	0	0
MSCI INC	COM	55354G100	6,215	78,887	SH		SOLE		69,831	0	9,056
NEENAH PAPER INC.	COM	640079109	13,525	158,739	SH		SOLE		124,411	0	34,328
NEWMARKET	COM	651587107	21,515	50,761	SH		SOLE		41,961	0	8,800
NEWMARKET	COM	651587107	14	33	SH		DFND	3	33	0	0
NEXTERA ENERGY	COM	65339F101	2,820	23,606	SH		SOLE		23,606	0	0
NEXTERA ENERGY	COM	65339F101	15	124	SH		DFND	3	124	0	0
NIELSEN HOLDINGS PLC	COM	G6518L108	7,504	178,887	SH		SOLE		164,984	0	13,903
NORDSON CORP	COM	655663102	12,247	109,300	SH		SOLE		102,468	0	6,832
NORDSON CORP	COM	655663102	2,170	19,370	SH		DFND	2	0	0	19,370
NOVO-NORDISK A/S-SPONS ADR	COM	670100205	766	21,362	SH		SOLE		21,362	0	0
NRG YIELD	COM	62942X306	14,542	946,752	SH		SOLE		702,987	0	243,765
OMEGA HEALTHCARE INVESTORS	COM	681936100	10,569	338,104	SH		SOLE		316,224	0	21,880
OMEGA HEALTHCARE INVESTORS	COM	681936100	1,599	51,150	SH		DFND	2	0	0	51,150
OMEGA HEALTHCARE INVESTORS	COM	681936100	11	354	SH		DFND	3	354	0	0
PAPA JOHNS INTERNATIONAL INC	COM	698813102	13,991	163,480	SH		SOLE		121,864	0	41,616
PARKER HANNIFIN	COM	701094104	210	1,500	SH		SOLE		1,500	0	0
PFIZER	COM	717081103	268	8,262	SH		SOLE		8,262	0	0
PHILIP MORRIS INTL	COM	718172109	569	6,222	SH		SOLE		6,062	0	160
PHILLIPS 66	COM	718546104	5,797	67,087	SH		SOLE		66,284	0	803
PHILLIPS 66	COM	718546104	1,780	20,599	SH		DFND	2	0	0	20,599
PHILLIPS 66	COM	718546104	13	151	SH		DFND	3	151	0	0
PHILLIPS 66 PARTNERS LP	COM	718549207	3,497	71,897	SH		SOLE		3,254	0	68,643
POLARIS INDUSTRIES	COM	731068102	4,614	56,006	SH		SOLE		49,253	0	6,753
POOL CORP	COM	73278L105	33,536	321,408	SH		SOLE		254,104	0	67,304
POWER INTEGRATIONS, INC	COM	739276103	15,354	226,288	SH		SOLE		168,925	0	57,363
PROSPERITY BANCSHARES	COM	743606105	7,780	108,386	SH		SOLE		95,347	0	13,039
QUAKER CHEMICAL CORP	COM	747316107	15,528	121,373	SH		SOLE		94,963	0	26,410
QUEST DIAGNOSTICS	COM	74834L100	14,162	154,098	SH		SOLE		147,047	0	7,051
RESMED INC	COM	761152107	7,943	128,016	SH		SOLE		119,026	0	8,990
RETAIL OPPORTUNITY INVST CORP	COM	76131N101	16,240	768,565	SH		SOLE		573,053	0	195,512
RITCHIE BROS AUCTIONEERS	COM	767744105	17,846	524,896	SH		SOLE		375,558	0	149,338
ROCKWELL AUTOMATION	COM	773903109	7,450	55,429	SH		SOLE		50,528	0	4,901
ROCKWELL AUTOMATION	COM	773903109	2,244	16,699	SH		DFND	2	0	0	16,699
ROSS STORES	COM	778296103	16,148	246,157	SH		SOLE		244,565	0	1,592
ROSS STORES	COM	778296103	1,873	28,546	SH		DFND	2	0	0	28,546
ROSS STORES	COM	778296103	15	227	SH		DFND	3	227	0	0
RYDER SYSTEMS INC	COM	783549108	14,354	192,823	SH		SOLE		144,739	0	48,084
RYMAN HOSPITALITY PPTYS INC	COM	78377T107	13,759	218,363	SH		SOLE		162,147	0	56,216
SCRIPPS NETWORKS INTER-CL A	COM	811065101	8,697	121,859	SH		SOLE		111,415	0	10,444
SCRIPPS NETWORKS INTER-CL A	COM	811065101	16	226	SH		DFND	3	226	0	0
SERVICE CORPORATION INTERNATIO	COM	817565104	7,393	260,326	SH		SOLE		237,727	0	22,599
SHERWIN WILLIAMS	COM	824348106	9,052	33,682	SH		SOLE		33,454	0	228
SHERWIN WILLIAMS	COM	824348106	1,928	7,175	SH		DFND	2	0	0	7,175
SHERWIN WILLIAMS	COM	824348106	13	48	SH		DFND	3	48	0	0
SNAP-ON INC	COM	833034101	12,115	70,735	SH		SOLE		66,133	0	4,602
SNAP-ON INC	COM	833034101	13	73	SH		DFND	3	73	0	0
SOUTH STATE CORP.	COM	840441109	19,517	223,310	SH		SOLE		168,962	0	54,348
SPECTRA ENERGY	COM	847560109	3,176	77,303	SH		SOLE		77,303	0	0
SPECTRA ENERGY	COM	847560109	12	281	SH		DFND	3	281	0	0
STANDARD MOTOR PRODUCTS	COM	853666105	18,180	341,601	SH		SOLE		269,894	0	71,707
STANDEX INTERNATIONAL CORPORAT	COM	854231107	7,114	80,980	SH		SOLE		63,398	0	17,582
STARBUCKS	COM	855244109	6,637	119,545	SH		SOLE		118,819	0	726
STARBUCKS	COM	855244109	1,879	33,835	SH		DFND	2	0	0	33,835
STARBUCKS	COM	855244109	11	196	SH		DFND	3	196	0	0
STERIS CORP	COM	G84720104	27,662	410,476	SH		SOLE		339,357	0	71,119
STERIS CORP	COM	G84720104	11	156	SH		DFND	3	156	0	0
SUNOCO LOGISTICS PARTNERS L.P	COM	86764L108	3,668	152,687	SH		SOLE		152,687	0	0
SUNTRUST BANKS INC	COM	867914103	2,619	47,744	SH		SOLE		47,744	0	0
TANGER FACTORY OUTLET CENTERS	COM	875465106	23,411	654,311	SH		SOLE		549,977	0	104,334
TEVA PHARMACEUTICAL	COM	881624209	456	12,584	SH		SOLE		12,584	0	0
TEXAS INSTRUMENTS	COM	882508104	3,787	51,892	SH		SOLE		51,892	0	0
TEXAS INSTRUMENTS	COM	882508104	12	166	SH		DFND	3	166	0	0
THE ENSIGN GROUP INC	COM	29358P101	25,485	1,147,444	SH		SOLE		870,553	0	276,891
THOR INDUSTRIES INC	COM	885160101	23,103	230,918	SH		SOLE		176,976	0	53,942
TRACTOR SUPPLY CO	COM	892356106	8,797	116,035	SH		SOLE		108,085	0	7,950
UGI CORP	COM	902681105	2,846	61,769	SH		SOLE		61,769	0	0
UGI CORP	COM	902681105	2,830	61,422	SH		DFND	2	0	0	61,422
UGI CORP	COM	902681105	17	373	SH		DFND	3	373	0	0
UNION PACIFIC	COM	907818108	2,018	19,464	SH		SOLE		19,464	0	0
UNION PACIFIC	COM	907818108	16	159	SH		DFND	3	159	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	7,972	49,811	SH		SOLE		49,332	0	479
UNITEDHEALTH GROUP INC	COM	91324P102	1,682	10,507	SH		DFND	2	0	0	10,507
UNITEDHEALTH GROUP INC	COM	91324P102	17	104	SH		DFND	3	104	0	0
VALSPAR	COM	920355104	915	8,827	SH		SOLE		1,670	0	7,157
VF CORP	COM	918204108	605	11,347	SH		SOLE		10,383	0	964
VISA	COM	92826C839	7,421	95,123	SH		SOLE		93,773	0	1,350
VISA	COM	92826C839	1,932	24,765	SH		DFND	2	0	0	24,765
VISA	COM	92826C839	12	149	SH		DFND	3	149	0	0
WASTE CONNECTIONS INC	COM	94106B101	14,160	180,178	SH		SOLE		167,359	0	12,819
WASTE CONNECTIONS INC	COM	94106B101	17	219	SH		DFND	3	219	0	0
WEC ENERGY GROUP	COM	92939U106	4,381	74,704	SH		SOLE		74,704	0	0
WEC ENERGY GROUP	COM	92939U106	1,953	33,294	SH		DFND	2	0	0	33,294
WEC ENERGY GROUP	COM	92939U106	14	241	SH		DFND	3	241	0	0
WESTWOOD HOLDINGS GROUP	COM	961765104	590	9,828	SH		SOLE		9,488	0	340
WW GRAINGER	COM	384802104	279	1,200	SH		SOLE		1,200	0	0
WW GRAINGER	COM	384802104	0	1	SH		DFND	2	0	0	1
WYNDHAM WORLDWIDE	COM	98310W108	11,482	150,350	SH		SOLE		141,394	0	8,956
WYNDHAM WORLDWIDE	COM	98310W108	13	171	SH		DFND	3	171	0	0
XILINX	COM	983919101	9,538	157,988	SH		SOLE		146,785	0	11,203
ZOETIS	COM	98978V103	9,510	177,656	SH		SOLE		177,656	0	0
ZOETIS	COM	98978V103	1,509	28,185	SH		DFND	2	0	0	28,185
ISHARES TR RUSSL 2000 INDX	COM	464287655	2,967	22,005	SH		SOLE		22,005	0	0