Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Accenture PLC Ireland Class A	130,107	$14.74M	3.6%	$113.29	—	ADR	g1151c101
—	Broadcom Ltd	84,987	$13.21M	3.2%	$155.40	—	ADR	y09827109
—	Taro Pharmaceutical Industries	78,468	$11.43M	2.8%	$145.60	—	ADR	m8737e108
SAP	Sap SE Sp ADR	141,691	$10.63M	2.6%	$75.85	—	ADR	803054204
—	China Biologic Prods Inc	94,074	$10M	2.4%	$106.32	—	ADR	16938c106
—	Netease Inc Sp ADR	51,585	$9.967M	2.4%	$193.22	—	ADR	64110w102
—	Delphi Automotive PLC	133,674	$8.368M	2.0%	$62.60	—	ADR	g27823106
—	Wabco Holdings Inc	88,601	$8.113M	2.0%	$91.57	—	ADR	92927k102
—	Sensata Technologies Holding N	207,240	$7.231M	1.8%	$34.89	—	ADR	n7902x106
TSM	Taiwan Semiconductor Mfg Ltd S	226,905	$5.952M	1.5%	$22.24	—	ADR	874039100
—	Anheuser-Busch InBev SA NV Sp	30,225	$3.98M	1.0%	$131.68	—	ADR	03524a108
—	Alibaba Group Holding Ltd Sp A	49,309	$3.922M	1.0%	$79.54	—	ADR	01609w102
FISV	Fiserv Inc	36,058	$3.921M	1.0%	$32.63	+57.7%	COM	337738108
—	Groupe CGI Inc Cl A	91,689	$3.916M	1.0%	$42.71	—	ADR	39945c109
DHR	Danaher Corp	38,357	$3.874M	0.9%	$30.67	+30.7%	COM	235851102
—	WPP PLC ADR	36,929	$3.86M	0.9%	$104.52	—	ADR	92937a102
—	UnitedHealth Group Inc	27,188	$3.839M	0.9%	$141.20	—	COM	91324p102
SPG	Simon Property Group Inc	17,225	$3.736M	0.9%	$102.54	+21.1%	COM	828806109
—	Silicon Motion Technology Corp	77,797	$3.719M	0.9%	$47.80	—	ADR	82706c108
EFX	Equifax Inc	28,415	$3.649M	0.9%	$88.82	+24.6%	COM	294429105
AZO	AutoZone Inc	4,525	$3.592M	0.9%	$680.93	+13.1%	COM	053332102
OMC	Omnicom Group Inc	43,281	$3.527M	0.9%	$45.48	+31.2%	COM	681919106
SWK	Stanley Black & Decker Inc	30,834	$3.429M	0.8%	$78.58	+10.1%	COM	854502101
PFE	Pfizer Inc	96,412	$3.395M	0.8%	$18.71	+12.5%	COM	717081103
JNJ	Johnson & Johnson	27,880	$3.382M	0.8%	$73.15	+19.0%	COM	478160104
—	Verisk Analytics Inc	41,609	$3.374M	0.8%	$81.09	—	COM	92345y106
—	Vantiv Inc Cl A	59,199	$3.351M	0.8%	$56.61	—	COM	92210h105
—	Medtronic PLC	38,589	$3.348M	0.8%	$86.76	—	ADR	g5960l103
PEG	Public Service Enterprise Grou	71,501	$3.333M	0.8%	$28.40	+14.5%	COM	744573106
HSIC	Schein Henry Inc	18,631	$3.294M	0.8%	$57.21	+18.1%	COM	806407102
—	Comcast Corp Cl A	50,461	$3.29M	0.8%	$65.20	—	COM	20030n101
ROP	Roper Technologies Inc	19,159	$3.268M	0.8%	$149.30	+10.5%	COM	776696106
GD	General Dynamics Corp	22,593	$3.146M	0.8%	$90.04	+25.6%	COM	369550108
SYK	Stryker Corp	25,834	$3.096M	0.8%	$88.14	+13.8%	COM	863667101
LEA	Lear Corp	29,678	$3.02M	0.7%	$87.39	+7.4%	COM	521865204
—	MasterCard Inc Cl A	33,985	$2.993M	0.7%	$88.07	—	COM	57636q104
TM	Toyota Motor Corp Sp ADR 2	29,916	$2.991M	0.7%	$119.87	—	ADR	892331307
—	Relx NV Sp ADR	171,425	$2.985M	0.7%	$17.41	—	ADR	75955b102
—	Unilever PLC Sp ADR	62,117	$2.976M	0.7%	$41.99	—	ADR	904767704
NTTYY	Nippon Telegraph & Telephone C	62,203	$2.929M	0.7%	$34.38	—	ADR	654624105
KEP	Korea Electric Power Sp ADR	112,777	$2.924M	0.7%	$21.17	—	ADR	500631106
DIS	Disney Walt Co Disney	29,287	$2.865M	0.7%	$83.17	+10.8%	COM	254687106
—	Amdocs Ltd	48,773	$2.815M	0.7%	$57.72	—	ADR	g02602103
—	Express Scripts Holding Co	36,951	$2.801M	0.7%	$75.80	—	COM	30219g108
NVO	Novo-Nordisk AS ADR	51,631	$2.777M	0.7%	$56.83	—	ADR	670100205
BTI	British American Tobacco PLC S	20,468	$2.65M	0.6%	$112.76	—	ADR	110448107
CVS	CVS Health Corp	27,667	$2.649M	0.6%	$65.79	+13.3%	COM	126650100
—	Chunghwa Telecom Co Ltd Sp ADR	72,900	$2.646M	0.6%	$36.30	—	ADR	17133q502
—	Icon PLC	37,521	$2.627M	0.6%	$70.01	—	ADR	g4705a100
MCO	Moodys Corp	27,880	$2.613M	0.6%	$77.00	+14.4%	COM	615369105
ABBNY	ABB Ltd Sp ADR	127,742	$2.533M	0.6%	$19.47	—	ADR	000375204
—	Diageo PLC Sp ADR	22,237	$2.51M	0.6%	$112.87	—	ADR	25243q205
—	Brookfield Asset Mgmt Inc Cl A	74,412	$2.461M	0.6%	$40.32	—	ADR	112585104
RY	Royal Bank of Canada Montreal	38,498	$2.275M	0.6%	$51.83	+15.9%	ADR	780087102
ALV	Autoliv Inc	19,819	$2.13M	0.5%	$68.33	0.0%	COM	052800109
—	Elbit Systems Ltd	23,324	$2.121M	0.5%	$90.94	—	COM	m3760d101
TEVA	Teva Pharmaceutical Industries	41,123	$2.066M	0.5%	$55.24	—	ADR	881624209
HON	Honeywell Intl Inc	17,000	$1.977M	0.5%	$72.17	+16.7%	COM	438516106
—	BT Group PLC ADR	69,990	$1.949M	0.5%	$27.85	—	ADR	05577e101
UGI	UGI Corp	42,859	$1.939M	0.5%	$34.39	+22.5%	COM	902681105
CIGI	Colliers Intl Group Inc	56,128	$1.916M	0.5%	$42.29	-11.6%	ADR	194693107
SNPS	Synopsys Inc	35,034	$1.895M	0.5%	$48.10	+4.2%	COM	871607107
JKHY	Henry Jack & Assoc Inc	21,519	$1.878M	0.5%	$59.71	+24.8%	COM	426281101
IX	ORIX Corp Sp ADR	29,119	$1.861M	0.5%	$71.38	—	ADR	686330101
IT	Gartner Inc	19,018	$1.852M	0.5%	$85.30	+11.4%	COM	366651107
FDS	FactSet Research Systems Inc	11,231	$1.813M	0.4%	$138.53	+1.0%	COM	303075105
ECL	Ecolab Inc	14,800	$1.755M	0.4%	$98.12	+6.9%	COM	278865100
PEP	PepsiCo Inc	16,552	$1.754M	0.4%	$67.69	+13.9%	COM	713448108
—	AmSurg Corp	22,350	$1.733M	0.4%	$77.54	—	COM	03232p405
TXN	Texas Instruments Inc	27,000	$1.692M	0.4%	$37.15	+22.9%	COM	882508104
DLX	Deluxe Corp	25,251	$1.676M	0.4%	$37.93	+12.5%	COM	248019101
—	Raytheon Co	12,300	$1.672M	0.4%	$135.93	—	COM	755111507
—	Dun & Bradstreet Corp	13,514	$1.646M	0.4%	$121.80	—	COM	26483e100
—	Verizon Communications Inc	29,100	$1.625M	0.4%	$55.84	—	COM	92343v104
BALL	Ball Corp	22,423	$1.621M	0.4%	$28.96	+12.9%	COM	058498106
—	Davita Healthcare Partners Inc	20,522	$1.587M	0.4%	$77.33	—	COM	23918k108
—	S&P Global Inc	14,600	$1.566M	0.4%	$107.26	—	COM	78409v104
—	Cisco Systems Inc	54,501	$1.564M	0.4%	$28.70	—	COM	17275r102
—	Visa Inc Cl A	21,001	$1.558M	0.4%	$74.19	—	COM	92826c839
—	Lam Research Corp	18,347	$1.542M	0.4%	$84.05	—	COM	512807108
—	Douglas Dynamics Inc	59,759	$1.538M	0.4%	$25.74	—	COM	25960r105
—	VeriSign Inc	17,762	$1.536M	0.4%	$86.48	—	COM	92343e102
APH	Amphenol Corp Cl A	26,667	$1.529M	0.4%	$13.13	0.0%	COM	032095101
—	IHS Inc Cl A	13,164	$1.522M	0.4%	$115.62	—	COM	451734107
—	MeetMe Inc	282,882	$1.508M	0.4%	$4.02	—	COM	585141104
TMO	Thermo Fisher Scientific Inc	10,025	$1.481M	0.4%	$143.61	0.0%	COM	883556102
—	Great Ajax Corp	102,222	$1.418M	0.3%	$13.87	—	COM	38983d300
—	Oracle Corp	34,111	$1.396M	0.3%	$40.93	—	COM	68389x105
—	Travelers Companies Inc	11,533	$1.373M	0.3%	$119.05	—	COM	89417e109
—	AVG Technologies NV	72,125	$1.37M	0.3%	$18.99	—	ADR	n07831105
—	Banco Macro SA Sp ADR B	18,401	$1.366M	0.3%	$74.24	—	ADR	05961w105
—	Credicorp Ltd	8,743	$1.349M	0.3%	$154.29	—	ADR	g2519y108
—	Spark Energy Inc Cl A	40,510	$1.339M	0.3%	$33.05	—	COM	846511103
—	Armada Hoffler Properties Inc	96,903	$1.331M	0.3%	$13.74	—	COM	04208t108
AME	Ametek Inc	28,632	$1.324M	0.3%	$50.18	-10.2%	COM	031100100
WINA	Winmark Corp	13,071	$1.303M	0.3%	$81.12	+20.1%	COM	974250102
FONR	Fonar Corp	63,686	$1.297M	0.3%	$13.67	+20.7%	COM	344437405
GILD	Gilead Sciences Inc	15,500	$1.293M	0.3%	$72.03	-12.9%	COM	375558103
—	Natural Health Trends Corp	45,765	$1.29M	0.3%	$28.19	—	COM	63888p406
—	SciClone Pharmaceuticals Inc	98,006	$1.28M	0.3%	$13.06	—	COM	80862k104
—	Argan Inc	30,665	$1.279M	0.3%	$41.71	—	COM	04010e109
—	Globant SA	32,352	$1.273M	0.3%	$39.35	—	ADR	l44385109
HCKT	Hackett Group Inc	91,304	$1.266M	0.3%	$10.37	+40.9%	COM	404609109
—	Iradimed Corp	57,347	$1.248M	0.3%	$21.76	—	COM	46266a109
—	Entercom Communications Corp C	91,730	$1.245M	0.3%	$12.37	—	COM	293639100
GGAL	Grupo Financiero Galicia SA Sp	40,703	$1.243M	0.3%	$28.95	—	ADR	399909100
AAPL	Apple Inc	12,800	$1.224M	0.3%	$26.97	-16.2%	COM	037833100
—	Kadant Inc	23,712	$1.221M	0.3%	$51.49	—	COM	48282t104
—	Wipro Ltd Sp ADR 1 Sh	96,281	$1.19M	0.3%	$12.36	—	ADR	97651m109
—	Perficient Inc	58,231	$1.183M	0.3%	$20.32	—	COM	71375u101
—	Omega Protein Corp	57,514	$1.15M	0.3%	$20.00	—	COM	68210p107
NATH	Nathans Famous Inc	25,787	$1.148M	0.3%	$43.68	+0.4%	COM	632347100
CRWS	Crown Crafts Inc	120,626	$1.141M	0.3%	$4.19	+9.9%	COM	228309100
—	Reis Inc	45,387	$1.13M	0.3%	$24.90	—	COM	75936p105
DSGX	Descartes Systems Group Inc	59,000	$1.126M	0.3%	$16.96	+14.8%	ADR	249906108
—	Chase Corp	19,038	$1.125M	0.3%	$59.09	—	COM	16150r104
HNNA	Hennessy Advisors Inc	33,490	$1.121M	0.3%	$19.76	+8.7%	COM	425885100
—	Ambev SA Sp ADR	189,225	$1.118M	0.3%	$5.91	—	ADR	02319v103
—	Nv5 Global Inc	38,870	$1.105M	0.3%	$28.43	—	COM	62945v109
—	Insurance Holdings Inc	59,201	$1.1M	0.3%	$18.58	—	COM	91359v107
—	US Physical Therapy Inc	18,257	$1.099M	0.3%	$60.20	—	COM	90337l108
—	CRH Medical Corp	275,076	$1.076M	0.3%	$3.91	—	COM	12626f105
—	WNS Holdings Ltd Sp ADR	39,442	$1.065M	0.3%	$27.00	—	ADR	92932m101
—	Pzena Investment Mgmt Inc Clas	137,895	$1.049M	0.3%	$7.61	—	COM	74731q103
CBZ	CBIZ Inc	99,552	$1.036M	0.3%	$9.23	+11.5%	COM	124805102
UVSP	Univest Corp PA	48,612	$1.022M	0.2%	$19.88	+0.1%	COM	915271100
—	NCI Inc Cl A	72,334	$1.016M	0.2%	$14.05	—	COM	62886k104
—	Sucampo Pharmaceuticals Inc Cl	92,023	$1.009M	0.2%	$10.96	—	COM	864909106
ADC	Agree Realty Corp	20,846	$1.006M	0.2%	$36.87	—	COM	008492100
—	LHC Group Inc	22,966	$994K	0.2%	$43.28	—	COM	50187a107
WASH	Washington Tr Bancorp	25,372	$962K	0.2%	$23.01	-1.2%	COM	940610108
—	CPI Card Group Inc	190,051	$952K	0.2%	$5.01	—	COM	12634h101
SYBT	Stock Yds Bancorp Inc	33,659	$950K	0.2%	$25.58	+6.1%	COM	861025104
—	American Software Inc Cl A	89,758	$941K	0.2%	$10.28	—	COM	029683109
UTMD	Utah Med Prods Inc	14,825	$934K	0.2%	$55.28	+16.7%	COM	917488108
—	Novanta Inc	61,516	$932K	0.2%	$15.15	—	ADR	67000b104
—	Ani Pharmaceuticals Inc	16,605	$927K	0.2%	$55.83	—	COM	00182c103
—	EMC Ins Group Inc	33,170	$919K	0.2%	$27.95	—	COM	268664109
ALNT	Allied Motion Technologies Inc	39,457	$918K	0.2%	$13.65	+0.6%	COM	019330109
—	Stonegate Bank Ft Lauderdale F	28,409	$917K	0.2%	$30.78	—	COM	861811107
—	Ardmore Shipping Corp	134,134	$908K	0.2%	$6.77	—	ADR	y0207t100
NPK	National Presto Industries Inc	9,603	$906K	0.2%	$74.77	+17.6%	COM	637215104
OFLX	Omega Flex Inc	23,740	$903K	0.2%	$34.46	+2.3%	COM	682095104
—	Dhi Group Inc	144,305	$899K	0.2%	$6.23	—	COM	23331s100
UNTY	Unity Bancorp Inc	70,594	$897K	0.2%	$8.88	+5.8%	COM	913290102
—	Reata Pharmaceuticals Inc Cl A	45,209	$893K	0.2%	$19.75	—	COM	75615p103
—	Almost Family Inc	20,806	$887K	0.2%	$45.55	—	COM	020409108
—	Insteel Industries Inc	31,008	$887K	0.2%	$28.61	—	COM	45774w108
—	Avid Technology Inc	152,234	$884K	0.2%	$5.81	—	COM	05367p100
—	MainSource Financial Group Inc	40,011	$882K	0.2%	$22.04	—	COM	56062y102
PLUS	ePlus Inc	10,703	$875K	0.2%	$16.09	+29.2%	COM	294268107
—	Access National Corp	44,808	$874K	0.2%	$20.66	—	COM	004337101
—	Nautilus Inc	49,014	$874K	0.2%	$17.83	—	COM	63910b102
PETS	PetMed Express Inc	46,460	$872K	0.2%	$17.21	+6.8%	COM	716382106
—	PDL BioPharma Inc	274,065	$861K	0.2%	$3.14	—	COM	69329y104
—	Net 1 UEPS Technologies Inc	86,102	$860K	0.2%	$9.99	—	COM	64107n206
GTN	Gray Television Inc	79,186	$859K	0.2%	$11.53	+2.3%	COM	389375106
INFY	Infosys Ltd Sp ADR	48,116	$859K	0.2%	$22.61	—	ADR	456788108
AROW	Arrow Financial Corp	28,307	$857K	0.2%	$17.85	0.0%	COM	042744102
TCBK	Trico Bancshares	31,021	$856K	0.2%	$26.30	+2.5%	COM	896095106
—	Landmark Bancorp Inc	33,664	$853K	0.2%	$25.34	—	COM	51504l107
EFSC	Enterprise Financial Services	30,509	$851K	0.2%	$21.04	+9.1%	COM	293712105
LKFN	Lakeland Financial Corp	17,888	$841K	0.2%	$21.17	+15.5%	COM	511656100
—	Neenah Paper Inc	11,619	$841K	0.2%	$47.15	—	COM	640079109
BMRC	Bank of Marin Bancorp	17,129	$829K	0.2%	$18.04	+1.0%	COM	063425102
—	West Bancorporation Inc Cap St	44,322	$824K	0.2%	$18.59	—	COM	95123p106
—	Bryn Mawr Bank Corp	28,022	$818K	0.2%	$29.71	—	COM	117665109
—	Mesa Laboratories Inc	6,640	$817K	0.2%	$123.04	—	COM	59064r109
—	RPX Corp	89,018	$816K	0.2%	$9.17	—	COM	74972g103
—	Diamond Hill Investment Group	4,314	$813K	0.2%	$188.46	—	COM	25264r207
—	Nova Measuring Instruments Ltd	74,336	$813K	0.2%	$10.94	—	ADR	m7516k103
—	Golub Cap BDC Inc	44,958	$812K	0.2%	$18.06	—	COM	38173m102
HIFS	Hingham Inst Savings MA	6,556	$806K	0.2%	$93.87	+21.6%	COM	433323102
FISI	Financial Instns Inc	30,835	$804K	0.2%	$16.37	+11.8%	COM	317585404
—	New York Mtg Tr Inc	131,133	$800K	0.2%	$6.87	—	COM	649604501
—	Fly Leasing Ltd Sp ADR	79,818	$793K	0.2%	$9.94	—	ADR	34407d109
—	HCI Group Inc	29,027	$792K	0.2%	$27.28	—	COM	40416e103
—	BioSpecifics Technologies Corp	19,592	$782K	0.2%	$32.38	—	COM	090931106
—	HDFC Bank Ltd ADR Reps 3	11,692	$776K	0.2%	$66.37	—	ADR	40415f101
—	Xinyuan Real Estate Co Ltd Sp	158,240	$775K	0.2%	$4.90	—	ADR	98417p105
KFRC	Kforce Inc	45,225	$764K	0.2%	$17.33	+7.2%	COM	493732101
—	Multi Color Corp	12,048	$764K	0.2%	$46.02	—	COM	625383104
CPK	Chesapeake Utilities Corp	11,393	$754K	0.2%	$36.17	+38.9%	COM	165303108
WHG	Westwood Holdings Group Inc	14,547	$754K	0.2%	$57.75	-1.2%	COM	961765104
—	Sequential Brnds Group Inc	93,417	$745K	0.2%	$7.97	—	COM	81734p107
WSFS	WSFS Financial Corp	23,006	$741K	0.2%	$28.41	+19.7%	COM	929328102
CCS	Century Communities Inc	42,611	$739K	0.2%	$16.52	0.0%	COM	156504300
BCH	Banco de Chile Sp ADR	11,445	$734K	0.2%	$64.29	—	ADR	059520106
—	Federated Natl Holding Co	38,434	$732K	0.2%	$19.05	—	COM	31422t101
—	Orchids Paper Prods Co	20,505	$729K	0.2%	$35.55	—	COM	68572n104
—	Penns Woods Bancorp Inc	17,085	$717K	0.2%	$42.56	—	COM	708430103
—	Span America Med Systems Inc	39,801	$712K	0.2%	$18.42	—	COM	846396109
CHCO	City Holding Co	15,667	$712K	0.2%	$33.03	+8.8%	COM	177835105
—	Lionbridge Technologies Inc	179,550	$709K	0.2%	$4.99	—	COM	536252109
—	GP Strategies Corp	32,485	$705K	0.2%	$21.70	—	COM	36225v104
SGC	Superior Uniform Group Inc	36,317	$693K	0.2%	$14.33	+27.5%	COM	868358102
CLMB	Wayside Technology Group Inc	38,143	$689K	0.2%	$11.48	+14.4%	COM	946760105
TLK	P T Telekomunikasi Indonesia S	11,216	$689K	0.2%	$54.90	—	ADR	715684106
TRNS	Transcat Inc	68,285	$686K	0.2%	$10.10	+2.9%	COM	893529107
GSBC	Great Southern Bancorp Inc	17,805	$658K	0.2%	$39.28	-2.5%	COM	390905107
—	NeoPhotonics Corp	68,920	$657K	0.2%	$9.53	—	COM	64051t100
—	Medifast Inc	18,800	$625K	0.2%	$33.24	—	COM	58470h101
—	Globalscape Inc Com	164,057	$605K	0.1%	$3.69	—	COM	37940g109
—	Xerium Technologies Inc	92,119	$588K	0.1%	$6.38	—	COM	98416j118
—	Hollysys Automation Technologi	32,345	$562K	0.1%	$17.38	—	ADR	g45667105
—	Infusystem Holdings Inc	216,264	$562K	0.1%	$2.60	—	COM	45685k102
KINS	Kingstone Cos Inc	57,715	$511K	0.1%	$7.43	0.0%	COM	496719105
—	Inuvo Inc	168,014	$235K	0.1%	$1.40	—	COM	46122w204