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
STEADFAST GROUP LTD	COM	00BCT5FD7	34	11,629	SH		SOLE		11,629	0	0
PAX GLOBAL TECHNOLOGY LTD	COM	00B3LX5R0	17	16,000	SH		SOLE		16,000	0	0
3M COMPANY	COM	88579Y101	289	1,500	SH		SOLE		1,500	0	0
AARONS CO INC	COM	00258W108	37,140	1,446,265	SH		SOLE		1,230,479	0	215,786
AARONS CO INC	COM	00258W108	2,166	84,364	SH		DFND		0	0	84,364
AARONS CO INC	COM	00258W108	4,778	186,076	SH		DFND	4	0	0	186,076
ABBVIE INC	COM	00287Y109	214	1,978	SH		SOLE		1,978	0	0
ABM INDS INC	COM	000957100	36,082	707,358	SH		SOLE		598,490	0	108,868
ABM INDS INC	COM	000957100	2,278	44,655	SH		DFND		0	0	44,655
ABM INDS INC	COM	000957100	5,143	100,826	SH		DFND	4	0	0	100,826
ACCENTURE PLC	COM	G1151C101	4,939	17,878	SH		SOLE		17,878	0	0
ADVANCE AUTO PARTS	COM	00751Y106	7,276	39,654	SH		SOLE		39,654	0	0
ADVANCE AUTO PARTS	COM	00751Y106	1,890	10,302	SH		DFND		0	0	10,302
ADVANCE AUTO PARTS	COM	00751Y106	4,066	22,161	SH		DFND	4	0	0	22,161
AIR LEASE CORP	COM	00912X302	21,958	448,114	SH		SOLE		381,490	0	66,624
AIR LEASE CORP	COM	00912X302	1,543	31,484	SH		DFND		0	0	31,484
AIR LEASE CORP	COM	00912X302	3,381	68,992	SH		DFND	4	0	0	68,992
AIR PRODUCTS AND CHEMICALS	COM	009158106	5,120	18,197	SH		SOLE		18,130	0	67
ALEXANDRIA REAL ESTATE EQUITIE	COM	015271109	5,237	31,875	SH		SOLE		31,875	0	0
ALEXANDRIA REAL ESTATE EQUITIE	COM	015271109	1,900	11,565	SH		DFND		0	0	11,565
ALEXANDRIA REAL ESTATE EQUITIE	COM	015271109	4,009	24,400	SH		DFND	4	0	0	24,400
ALGONQUIN POWER AND UTILITIES	COM	015857105	35,067	2,213,836	SH		SOLE		1,867,648	0	346,188
ALGONQUIN POWER AND UTILITIES	COM	015857105	1,885	119,011	SH		DFND		0	0	119,011
ALGONQUIN POWER AND UTILITIES	COM	015857105	3,987	251,693	SH		DFND	4	0	0	251,693
ALLSTATE CORP	COM	020002101	1,179	10,257	SH		SOLE		10,257	0	0
AMERICAN STATES WATER COMPANY	COM	029899101	24,967	330,165	SH		SOLE		277,896	0	52,269
AMERICAN STATES WATER COMPANY	COM	029899101	1,307	17,280	SH		DFND		0	0	17,280
AMERICAN STATES WATER COMPANY	COM	029899101	2,779	36,752	SH		DFND	4	0	0	36,752
AMERICAN TOWER CORPORATION	COM	03027X100	6,675	27,922	SH		SOLE		27,830	0	92
AMERICAN WATER WORKS COMPANY	COM	030420103	4,777	31,863	SH		SOLE		31,746	0	117
AMERICOLD REALTY TRUST	COM	03064D108	31,839	827,627	SH		SOLE		696,331	0	131,296
AMERICOLD REALTY TRUST	COM	03064D108	1,742	45,283	SH		DFND		0	0	45,283
AMERICOLD REALTY TRUST	COM	03064D108	3,651	94,911	SH		DFND	4	0	0	94,911
AMERIPRISE FINANCIAL INC	COM	03076C106	6,744	29,012	SH		SOLE		28,933	0	79
AMERISAFE INC	COM	03071H100	18,649	291,387	SH		SOLE		237,274	0	54,113
AMPHENOL CORP	COM	032095101	251	3,806	SH		SOLE		3,806	0	0
APPLE INC	COM	037833100	8,593	70,344	SH		SOLE		70,104	0	240
AUDIOCODES LTD	COM	M15342104	31,150	1,154,563	SH		SOLE		976,076	0	178,487
AUDIOCODES LTD	COM	M15342104	1,737	64,391	SH		DFND		0	0	64,391
AUDIOCODES LTD	COM	M15342104	3,759	139,330	SH		DFND	4	0	0	139,330
AUTOMATIC DATA PROCESSING	COM	053015103	5,531	29,344	SH		SOLE		29,244	0	100
BADGER METER INC.	COM	056525108	26,354	283,160	SH		SOLE		239,264	0	43,896
BADGER METER INC.	COM	056525108	1,753	18,840	SH		DFND		0	0	18,840
BADGER METER INC.	COM	056525108	3,908	41,988	SH		DFND	4	0	0	41,988
BANK OZK	COM	06417N103	46,289	1,133,144	SH		SOLE		957,424	0	175,720
BANK OZK	COM	06417N103	2,685	65,718	SH		DFND		0	0	65,718
BANK OZK	COM	06417N103	5,937	145,326	SH		DFND	4	0	0	145,326
BLACKROCK INC	COM	09247X101	6,105	8,097	SH		SOLE		8,068	0	29
BOOZ ALLEN HAMILTON	COM	099502106	1,406	17,457	SH		SOLE		17,457	0	0
BRADY CORP	COM	104674106	16,998	318,016	SH		SOLE		254,770	0	63,246
BROADCOM INC	COM	11135F101	7,390	15,939	SH		SOLE		15,885	0	54
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	11,002	71,864	SH		SOLE		71,748	0	116
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	1,726	11,276	SH		DFND		0	0	11,276
BROADRIDGE FINANCIAL SOLUTIONS	COM	11133T103	3,630	23,708	SH		DFND	4	0	0	23,708
BRUNSWICK CORP	COM	117043109	48,756	511,232	SH		SOLE		433,680	0	77,552
BRUNSWICK CORP	COM	117043109	2,625	27,521	SH		DFND		0	0	27,521
BRUNSWICK CORP	COM	117043109	5,820	61,029	SH		DFND	4	0	0	61,029
BWX TECHNOLOGIES	COM	05605H100	40,581	615,421	SH		SOLE		517,811	0	97,610
BWX TECHNOLOGIES	COM	05605H100	1,949	29,563	SH		DFND		0	0	29,563
BWX TECHNOLOGIES	COM	05605H100	4,153	62,980	SH		DFND	4	0	0	62,980
C H ROBINSON WORLDWIDE	COM	12541W209	212	2,219	SH		SOLE		2,219	0	0
CABLE ONE INC	COM	12685J105	6,004	3,284	SH		SOLE		3,284	0	0
CABLE ONE INC	COM	12685J105	1,682	920	SH		DFND		0	0	920
CABLE ONE INC	COM	12685J105	3,584	1,960	SH		DFND	4	0	0	1,960
CABOT OIL AND GAS	COM	127097103	6,411	341,376	SH		SOLE		341,376	0	0
CABOT OIL AND GAS	COM	127097103	1,822	97,030	SH		DFND		0	0	97,030
CABOT OIL AND GAS	COM	127097103	3,829	203,863	SH		DFND	4	0	0	203,863
CALAVO GROWERS	COM	128246105	36,223	466,550	SH		SOLE		395,757	0	70,793
CALAVO GROWERS	COM	128246105	1,843	23,735	SH		DFND		0	0	23,735
CALAVO GROWERS	COM	128246105	4,021	51,787	SH		DFND	4	0	0	51,787
CARLISLE COMPANIES INC	COM	142339100	6,864	41,705	SH		SOLE		41,705	0	0
CARLISLE COMPANIES INC	COM	142339100	1,884	11,450	SH		DFND		0	0	11,450
CARLISLE COMPANIES INC	COM	142339100	4,026	24,463	SH		DFND	4	0	0	24,463
CASEY'S GENERAL STORES	COM	147528103	29,357	135,791	SH		SOLE		116,388	0	19,403
CASEY'S GENERAL STORES	COM	147528103	2,084	9,640	SH		DFND		0	0	9,640
CASEY'S GENERAL STORES	COM	147528103	4,558	21,085	SH		DFND	4	0	0	21,085
CDW CORP	COM	12514G108	6,644	40,086	SH		SOLE		39,955	0	131
CHEMED CORP	COM	16359R103	40,529	88,141	SH		SOLE		74,575	0	13,566
CHEMED CORP	COM	16359R103	1,852	4,027	SH		DFND		0	0	4,027
CHEMED CORP	COM	16359R103	3,893	8,466	SH		DFND	4	0	0	8,466
CHESAPEAKE UTILITIES	COM	165303108	27,496	236,872	SH		SOLE		190,878	0	45,994
CHURCH AND DWIGHT	COM	171340102	4,864	55,686	SH		SOLE		55,479	0	207
CMC MATERIALS INC.	COM	12571T100	41,275	233,472	SH		SOLE		198,093	0	35,379
CMC MATERIALS INC.	COM	12571T100	2,170	12,274	SH		DFND		0	0	12,274
CMC MATERIALS INC.	COM	12571T100	4,713	26,659	SH		DFND	4	0	0	26,659
COGENT COMMUNICATIONS HOLDINGS	COM	19239V302	36,255	527,271	SH		SOLE		448,159	0	79,112
COGENT COMMUNICATIONS HOLDINGS	COM	19239V302	2,119	30,813	SH		DFND		0	0	30,813
COGENT COMMUNICATIONS HOLDINGS	COM	19239V302	4,582	66,635	SH		DFND	4	0	0	66,635
COGNEX CORPORATION	COM	192422103	4,307	51,899	SH		SOLE		51,899	0	0
COGNEX CORPORATION	COM	192422103	1,244	14,995	SH		DFND		0	0	14,995
COGNEX CORPORATION	COM	192422103	2,720	32,780	SH		DFND	4	0	0	32,780
COHEN & STEERS INC	COM	19247A100	29,591	452,953	SH		SOLE		382,107	0	70,846
COHEN & STEERS INC	COM	19247A100	1,656	25,350	SH		DFND		0	0	25,350
COHEN & STEERS INC	COM	19247A100	3,497	53,522	SH		DFND	4	0	0	53,522
COMCAST	COM	20030N101	5,946	109,889	SH		SOLE		109,575	0	314
CORE-MARK HOLDING COMPANY	COM	218681104	33,345	861,855	SH		SOLE		729,389	0	132,466
CORE-MARK HOLDING COMPANY	COM	218681104	2,282	58,987	SH		DFND		0	0	58,987
CORE-MARK HOLDING COMPANY	COM	218681104	5,045	130,385	SH		DFND	4	0	0	130,385
COSTCO WHOLESALE	COM	22160K105	5,295	15,022	SH		SOLE		14,969	0	53
CRA INTERNATIONAL INC	COM	12618T105	2,279	30,537	SH		SOLE		25,705	0	4,832
D.R. HORTON INC	COM	23331A109	6,513	73,076	SH		SOLE		72,845	0	231
DIAMONDBACK ENERGY	COM	25278X109	30,981	421,566	SH		SOLE		357,541	0	64,025
DIAMONDBACK ENERGY	COM	25278X109	2,036	27,700	SH		DFND		0	0	27,700
DIAMONDBACK ENERGY	COM	25278X109	4,350	59,189	SH		DFND	4	0	0	59,189
DISCOVER FINANCIAL	COM	254709108	2,764	29,093	SH		SOLE		28,853	0	240
DOLLAR GENERAL	COM	256677105	5,273	26,026	SH		SOLE		25,945	0	81
DOMINO'S PIZZA INC	COM	25754A201	6,483	17,627	SH		SOLE		17,627	0	0
DOMINO'S PIZZA INC	COM	25754A201	1,697	4,613	SH		DFND		0	0	4,613
DOMINO'S PIZZA INC	COM	25754A201	3,583	9,743	SH		DFND	4	0	0	9,743
ENCOMPASS HEALTH	COM	29261A100	45,536	555,994	SH		SOLE		469,469	0	86,525
ENCOMPASS HEALTH	COM	29261A100	1,880	22,951	SH		DFND		0	0	22,951
ENCOMPASS HEALTH	COM	29261A100	4,050	49,450	SH		DFND	4	0	0	49,450
EQUINIX INC	COM	29444U700	4,984	7,333	SH		SOLE		7,315	0	18
EVERCORE INC	COM	29977A105	44,421	337,190	SH		SOLE		273,073	0	64,117
EXPONENT INC	COM	30214U102	16,571	170,050	SH		SOLE		137,397	0	32,653
EXXON MOBIL CORP	COM	30231G102	258	4,625	SH		SOLE		4,625	0	0
FACTSET RESEARCH SYSTEMS INC	COM	303075105	9,905	32,096	SH		SOLE		32,051	0	45
FACTSET RESEARCH SYSTEMS INC	COM	303075105	1,621	5,254	SH		DFND		0	0	5,254
FACTSET RESEARCH SYSTEMS INC	COM	303075105	3,429	11,113	SH		DFND	4	0	0	11,113
FASTENAL	COM	311900104	1,392	27,681	SH		SOLE		27,681	0	0
FEDERAL AGRICULTURAL MORTGAGE	COM	313148306	33,151	329,136	SH		SOLE		265,639	0	63,497
GLOBAL LIFE INC	COM	37959E102	4,434	45,891	SH		SOLE		45,891	0	0
GLOBAL LIFE INC	COM	37959E102	1,538	15,916	SH		DFND		0	0	15,916
GLOBAL LIFE INC	COM	37959E102	3,316	34,314	SH		DFND	4	0	0	34,314
HAMILTON LANE INC	COM	407497106	12,495	141,095	SH		SOLE		113,160	0	27,935
HOME BANCSHARES	COM	436893200	46,149	1,706,073	SH		SOLE		1,437,224	0	268,849
HOME BANCSHARES	COM	436893200	2,649	97,929	SH		DFND		0	0	97,929
HOME BANCSHARES	COM	436893200	5,900	218,105	SH		DFND	4	0	0	218,105
HOME DEPOT	COM	437076102	6,870	22,506	SH		SOLE		22,430	0	76
HUNTINGTON INGALLS INDUSTRIES	COM	446413106	8,328	40,459	SH		SOLE		40,459	0	0
HUNTINGTON INGALLS INDUSTRIES	COM	446413106	2,280	11,076	SH		DFND		0	0	11,076
HUNTINGTON INGALLS INDUSTRIES	COM	446413106	4,832	23,475	SH		DFND	4	0	0	23,475
INNOVATIVE INDUSTRIAL PROPERTI	COM	45781V101	33,504	185,966	SH		SOLE		156,115	0	29,851
INNOVATIVE INDUSTRIAL PROPERTI	COM	45781V101	2,030	11,268	SH		DFND		0	0	11,268
INNOVATIVE INDUSTRIAL PROPERTI	COM	45781V101	4,509	25,025	SH		DFND	4	0	0	25,025
INTUIT	COM	461202103	6,104	15,936	SH		SOLE		15,883	0	53
JACK HENRY AND ASSOCIATES INC	COM	426281101	4,645	30,615	SH		SOLE		30,615	0	0
JACK HENRY AND ASSOCIATES INC	COM	426281101	1,457	9,601	SH		DFND		0	0	9,601
JACK HENRY AND ASSOCIATES INC	COM	426281101	3,104	20,457	SH		DFND	4	0	0	20,457
JOHNSON AND JOHNSON	COM	478160104	321	1,955	SH		SOLE		1,955	0	0
JPMORGAN CHASE	COM	46625H100	6,119	40,199	SH		SOLE		40,082	0	117
KB HOME	COM	48666K109	40,172	863,350	SH		SOLE		722,727	0	140,623
KB HOME	COM	48666K109	1,991	42,783	SH		DFND		0	0	42,783
KB HOME	COM	48666K109	4,385	94,230	SH		DFND	4	0	0	94,230
KENNEDY-WILSON HOLDINGS INC	COM	489398107	31,117	1,539,662	SH		SOLE		1,293,990	0	245,672
KENNEDY-WILSON HOLDINGS INC	COM	489398107	1,777	87,934	SH		DFND		0	0	87,934
KENNEDY-WILSON HOLDINGS INC	COM	489398107	3,911	193,541	SH		DFND	4	0	0	193,541
LAKELAND FINANCIAL	COM	511656100	31,798	459,578	SH		SOLE		373,460	0	86,118
LAMB WESTON HLDGS	COM	513272104	5,755	74,276	SH		SOLE		74,276	0	0
LAMB WESTON HLDGS	COM	513272104	1,732	22,351	SH		DFND		0	0	22,351
LAMB WESTON HLDGS	COM	513272104	3,723	48,051	SH		DFND	4	0	0	48,051
LANDSTAR SYSTEM	COM	515098101	31,396	190,208	SH		SOLE		159,098	0	31,110
LANDSTAR SYSTEM	COM	515098101	1,658	10,047	SH		DFND		0	0	10,047
LANDSTAR SYSTEM	COM	515098101	3,619	21,923	SH		DFND	4	0	0	21,923
LAZARD LTD-CL A	COM	G54050102	634	14,571	SH		SOLE		14,571	0	0
LEMAITRE VASCULAR INC	COM	525558201	37,323	765,137	SH		SOLE		627,654	0	137,483
LEMAITRE VASCULAR INC	COM	525558201	779	15,972	SH		DFND		0	0	15,972
LEMAITRE VASCULAR INC	COM	525558201	1,768	36,246	SH		DFND	4	0	0	36,246
LILLY ELI AND COMPANY	COM	532457108	258	1,382	SH		SOLE		1,382	0	0
LITTELFUSE INC	COM	537008104	36,255	137,102	SH		SOLE		115,516	0	21,586
LITTELFUSE INC	COM	537008104	2,082	7,874	SH		DFND		0	0	7,874
LITTELFUSE INC	COM	537008104	4,585	17,339	SH		DFND	4	0	0	17,339
LOCKHEED MARTIN	COM	539830109	5,042	13,645	SH		SOLE		13,595	0	50
LUMINEX CORP	COM	55027E102	38,071	1,193,455	SH		SOLE		1,010,339	0	183,116
LUMINEX CORP	COM	55027E102	2,427	76,075	SH		DFND		0	0	76,075
LUMINEX CORP	COM	55027E102	5,283	165,614	SH		DFND	4	0	0	165,614
MANTECH INTERNATIONAL CORPORAT	COM	564563104	39,700	456,581	SH		SOLE		382,038	0	74,543
MANTECH INTERNATIONAL CORPORAT	COM	564563104	1,871	21,522	SH		DFND		0	0	21,522
MANTECH INTERNATIONAL CORPORAT	COM	564563104	4,046	46,535	SH		DFND	4	0	0	46,535
MARKETAXESS HOLDINGS	COM	57060D108	9,873	19,829	SH		SOLE		19,787	0	42
MARKETAXESS HOLDINGS	COM	57060D108	1,273	2,557	SH		DFND		0	0	2,557
MARKETAXESS HOLDINGS	COM	57060D108	2,694	5,411	SH		DFND	4	0	0	5,411
MATERION CORPORATION	COM	576690101	25,163	379,880	SH		SOLE		307,494	0	72,386
MAXIMUS INC	COM	577933104	37,269	418,559	SH		SOLE		350,900	0	67,659
MAXIMUS INC	COM	577933104	1,846	20,737	SH		DFND		0	0	20,737
MAXIMUS INC	COM	577933104	3,995	44,872	SH		DFND	4	0	0	44,872
MCCORMICK	COM	579780206	794	8,906	SH		SOLE		8,906	0	0
MEDTRONIC PLC	COM	G5960L103	5,088	43,075	SH		SOLE		42,963	0	112
MGP INGREDIENTS	COM	55303J106	27,961	472,705	SH		SOLE		382,461	0	90,244
MICROSOFT	COM	594918104	3,362	14,259	SH		SOLE		14,156	0	103
MONRO MUFFLER BRAKE INC	COM	610236101	41,784	635,016	SH		SOLE		534,918	0	100,098
MONRO MUFFLER BRAKE INC	COM	610236101	2,360	35,872	SH		DFND		0	0	35,872
MONRO MUFFLER BRAKE INC	COM	610236101	5,159	78,408	SH		DFND	4	0	0	78,408
MORNINGSTAR INC	COM	617700109	4,302	19,118	SH		SOLE		19,118	0	0
MORNINGSTAR INC	COM	617700109	1,544	6,860	SH		DFND		0	0	6,860
MORNINGSTAR INC	COM	617700109	3,283	14,589	SH		DFND	4	0	0	14,589
MOTOROLA SOLUTIONS INC	COM	620076307	5,983	31,818	SH		SOLE		31,730	0	88
MSC INDL DIRECT	COM	553530106	39,956	443,026	SH		SOLE		376,119	0	66,907
MSC INDL DIRECT	COM	553530106	2,488	27,589	SH		DFND		0	0	27,589
MSC INDL DIRECT	COM	553530106	5,434	60,251	SH		DFND	4	0	0	60,251
MSCI INC	COM	55354G100	890	2,123	SH		SOLE		2,123	0	0
NEXPOINT RESIDENTIAL TRUST	COM	65341D102	27,773	602,591	SH		SOLE		509,024	0	93,567
NEXPOINT RESIDENTIAL TRUST	COM	65341D102	1,689	36,649	SH		DFND		0	0	36,649
NEXPOINT RESIDENTIAL TRUST	COM	65341D102	3,619	78,521	SH		DFND	4	0	0	78,521
NEXSTAR MEDIA GROUP INC	COM	65336K103	49,158	350,052	SH		SOLE		296,028	0	54,024
NEXSTAR MEDIA GROUP INC	COM	65336K103	2,429	17,299	SH		DFND		0	0	17,299
NEXSTAR MEDIA GROUP INC	COM	65336K103	5,374	38,265	SH		DFND	4	0	0	38,265
NEXTERA ENERGY	COM	65339F101	1,210	16,009	SH		SOLE		16,009	0	0
NIKE	COM	654106103	3,861	29,052	SH		SOLE		28,925	0	127
NORDSON CORP	COM	655663102	4,741	23,864	SH		SOLE		23,864	0	0
NORDSON CORP	COM	655663102	1,456	7,329	SH		DFND		0	0	7,329
NORDSON CORP	COM	655663102	3,115	15,676	SH		DFND	4	0	0	15,676
OTIS WORLDWIDE CORPORATION	COM	68902V107	1,341	19,598	SH		SOLE		19,598	0	0
PIONEER NATURAL RESOURCES CO	COM	723787107	1,508	9,494	SH		SOLE		9,494	0	0
POOL CORP	COM	73278L105	9,127	26,437	SH		SOLE		26,395	0	42
POOL CORP	COM	73278L105	1,871	5,418	SH		DFND		0	0	5,418
POOL CORP	COM	73278L105	4,025	11,660	SH		DFND	4	0	0	11,660
POWER INTEGRATIONS INC	COM	739276103	20,683	253,846	SH		SOLE		215,205	0	38,641
POWER INTEGRATIONS INC	COM	739276103	1,341	16,453	SH		DFND		0	0	16,453
POWER INTEGRATIONS INC	COM	739276103	2,926	35,908	SH		DFND	4	0	0	35,908
PROSPERITY BANCSHARES	COM	743606105	6,812	90,954	SH		SOLE		90,954	0	0
PROSPERITY BANCSHARES	COM	743606105	2,040	27,234	SH		DFND		0	0	27,234
PROSPERITY BANCSHARES	COM	743606105	4,462	59,578	SH		DFND	4	0	0	59,578
QTS REALTY TRUST INC CLASS A	COM	74736A103	29,188	470,476	SH		SOLE		393,996	0	76,480
QTS REALTY TRUST INC CLASS A	COM	74736A103	1,602	25,814	SH		DFND		0	0	25,814
QTS REALTY TRUST INC CLASS A	COM	74736A103	3,431	55,302	SH		DFND	4	0	0	55,302
QUAKER CHEMICAL	COM	747316107	29,405	120,624	SH		SOLE		101,286	0	19,338
QUAKER CHEMICAL	COM	747316107	1,641	6,731	SH		DFND		0	0	6,731
QUAKER CHEMICAL	COM	747316107	3,625	14,871	SH		DFND	4	0	0	14,871
QUEST DIAGNOSTICS	COM	74834L100	7,505	58,480	SH		SOLE		58,480	0	0
QUEST DIAGNOSTICS	COM	74834L100	1,831	14,268	SH		DFND		0	0	14,268
QUEST DIAGNOSTICS	COM	74834L100	3,891	30,316	SH		DFND	4	0	0	30,316
RELIANCE STL AND ALUM CO COM	COM	759509102	7,341	48,203	SH		SOLE		48,203	0	0
RELIANCE STL AND ALUM CO COM	COM	759509102	1,948	12,790	SH		DFND		0	0	12,790
RELIANCE STL AND ALUM CO COM	COM	759509102	4,275	28,070	SH		DFND	4	0	0	28,070
RESMED INC	COM	761152107	1,237	6,373	SH		SOLE		6,373	0	0
ROSS STORES	COM	778296103	252	2,100	SH		SOLE		2,100	0	0
S&P GLOBAL INC	COM	78409V104	3,279	9,291	SH		SOLE		9,251	0	40
SHERWIN WILLIAMS	COM	824348106	5,926	8,029	SH		SOLE		7,996	0	33
SHOE CARNIVAL	COM	824889109	42,724	690,432	SH		SOLE		557,829	0	132,603
SHUTTERSTOCK	COM	825690100	36,460	409,479	SH		SOLE		343,023	0	66,456
SHUTTERSTOCK	COM	825690100	2,082	23,386	SH		DFND		0	0	23,386
SHUTTERSTOCK	COM	825690100	4,596	51,619	SH		DFND	4	0	0	51,619
SIRIUS XM HOLDINGS	COM	82968B103	1,031	169,228	SH		SOLE		169,228	0	0
SNAP-ON INC	COM	833034101	8,186	35,475	SH		SOLE		35,475	0	0
SNAP-ON INC	COM	833034101	2,643	11,455	SH		DFND		0	0	11,455
SNAP-ON INC	COM	833034101	5,749	24,916	SH		DFND	4	0	0	24,916
STANDEX INTERNATIONAL CORPORAT	COM	854231107	38,029	397,921	SH		SOLE		325,677	0	72,244
STANDEX INTERNATIONAL CORPORAT	COM	854231107	1,141	11,941	SH		DFND		0	0	11,941
STANDEX INTERNATIONAL CORPORAT	COM	854231107	2,520	26,368	SH		DFND	4	0	0	26,368
STARBUCKS	COM	855244109	4,967	45,454	SH		SOLE		45,319	0	135
STERIS CORP	COM	G8473T100	7,414	38,920	SH		SOLE		38,920	0	0
STERIS CORP	COM	G8473T100	2,254	11,831	SH		DFND		0	0	11,831
STERIS CORP	COM	G8473T100	4,809	25,248	SH		DFND	4	0	0	25,248
STRYKER CORP	COM	863667101	3,317	13,618	SH		SOLE		13,618	0	0
TETRA TECH	COM	88162G103	34,043	250,830	SH		SOLE		213,835	0	36,995
TETRA TECH	COM	88162G103	2,182	16,080	SH		DFND		0	0	16,080
TETRA TECH	COM	88162G103	4,797	35,347	SH		DFND	4	0	0	35,347
TEXAS INSTRUMENTS	COM	882508104	1,534	8,118	SH		SOLE		8,118	0	0
THE ENSIGN GROUP	COM	29358P101	61,689	657,383	SH		SOLE		553,363	0	104,020
THE ENSIGN GROUP	COM	29358P101	3,020	32,183	SH		DFND		0	0	32,183
THE ENSIGN GROUP	COM	29358P101	6,642	70,782	SH		DFND	4	0	0	70,782
TRACTOR SUPPLY CO	COM	892356106	9,194	51,922	SH		SOLE		51,922	0	0
TRACTOR SUPPLY CO	COM	892356106	2,477	13,990	SH		DFND		0	0	13,990
TRACTOR SUPPLY CO	COM	892356106	5,380	30,384	SH		DFND	4	0	0	30,384
TRUIST FINANCIAL	COM	89832Q109	1,332	22,848	SH		SOLE		22,848	0	0
U.S. PHYSICAL THERAPY INC.	COM	90337L108	14,717	141,369	SH		SOLE		114,385	0	26,984
UFP INDUSTRIES INC	COM	90278Q108	9,586	126,397	SH		SOLE		102,204	0	24,193
UGI CORP	COM	902681105	6,317	154,042	SH		SOLE		154,042	0	0
UGI CORP	COM	902681105	1,939	47,281	SH		DFND		0	0	47,281
UGI CORP	COM	902681105	4,111	100,250	SH		DFND	4	0	0	100,250
UMH PROPERTIES INC	COM	903002103	18,069	942,541	SH		SOLE		762,719	0	179,822
UNIFIRST CORPORATION	COM	904708104	35,731	159,719	SH		SOLE		135,148	0	24,571
UNIFIRST CORPORATION	COM	904708104	1,854	8,289	SH		DFND		0	0	8,289
UNIFIRST CORPORATION	COM	904708104	4,083	18,251	SH		DFND	4	0	0	18,251
UNION PACIFIC	COM	907818108	6,687	30,341	SH		SOLE		30,253	0	88
UNITEDHEALTH GROUP INC	COM	91324P102	7,600	20,427	SH		SOLE		20,359	0	68
UNIVERSAL DISPLAY CORPORATION	COM	91347P105	30,724	129,762	SH		SOLE		111,808	0	17,954
UNIVERSAL DISPLAY CORPORATION	COM	91347P105	2,277	9,616	SH		DFND		0	0	9,616
UNIVERSAL DISPLAY CORPORATION	COM	91347P105	4,970	20,991	SH		DFND	4	0	0	20,991
VANGUARD S/T CORP BOND ETF	COM	92206C409	627	7,605	SH		SOLE		7,605	0	0
VISA	COM	92826C839	7,805	36,861	SH		SOLE		36,730	0	131
WASTE CONNECTIONS INC	COM	94106B101	6,487	60,080	SH		SOLE		59,876	0	204
WINGSTOP INC	COM	974155103	18,194	143,071	SH		SOLE		121,779	0	21,292
WINGSTOP INC	COM	974155103	1,195	9,400	SH		DFND		0	0	9,400
WINGSTOP INC	COM	974155103	2,717	21,369	SH		DFND	4	0	0	21,369
ZOETIS	COM	98978V103	5,462	34,685	SH		SOLE		34,570	0	115