Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SAP	Sap SE Sp ADR	147,038	$17.01M	4.7%	$79.42	—	ADR	803054204
—	AerCap Holdings NV	294,666	$15.96M	4.4%	$52.47	—	ADR	n00985106
—	Alibaba Group Holding Ltd Sp A	62,304	$11.56M	3.2%	$126.75	—	ADR	01609w102
—	Check Point Software Tech Ltd	105,361	$10.29M	2.9%	$104.60	—	COM	m22465104
—	Icon PLC	69,780	$9.248M	2.6%	$121.05	—	COM	g4705a100
TM	Toyota Motor Corp Sp ADR 2	31,446	$4.051M	1.1%	$121.22	—	ADR	892331307
TSM	Taiwan Semiconductor Mfg Ltd S	95,676	$3.498M	1.0%	$24.53	—	ADR	874039100
—	Mastercard Incorporated	16,865	$3.314M	0.9%	$89.77	—	COM	57636q104
—	Unitedhealth Group Inc	12,454	$3.056M	0.9%	$142.94	—	COM	91324p102
MCO	Moodys Corp	17,832	$3.041M	0.8%	$78.51	+101.6%	COM	615369105
LEA	Lear Corp	16,117	$2.995M	0.8%	$88.67	+88.9%	COM	521865204
—	Adobe Systems Inc	12,080	$2.945M	0.8%	$177.30	—	COM	00724f101
AAPL	Apple Inc	15,623	$2.892M	0.8%	$28.17	+51.7%	COM	037833100
—	S&P Global Inc	14,165	$2.888M	0.8%	$137.69	—	COM	78409v104
—	Visa Inc Cl A	21,788	$2.886M	0.8%	$94.08	—	COM	92826c839
FISV	Fiserv Inc	38,140	$2.826M	0.8%	$52.02	+39.6%	COM	337738108
—	Accenture PLC Ireland Class A	17,216	$2.816M	0.8%	$113.29	—	COM	g1151c101
—	Facebook Inc Cl A	14,215	$2.762M	0.8%	$151.65	—	COM	30303m102
APH	Amphenol Corp New	31,403	$2.737M	0.8%	$13.67	+47.9%	COM	032095101
—	Verisk Analytics Inc	25,100	$2.702M	0.8%	$81.15	—	COM	92345y106
—	Sirius XM Holdings Inc	395,897	$2.68M	0.7%	$5.47	—	COM	82968b103
ROP	Roper Technologies Inc	9,548	$2.634M	0.7%	$190.98	+38.1%	COM	776696106
—	Laboratory Corp America Holdin	14,538	$2.61M	0.7%	$161.74	—	COM	50540r409
TMO	Thermo Fisher Scientific Inc	12,589	$2.608M	0.7%	$172.27	+20.8%	COM	883556102
EMN	Eastman Chem Co	25,724	$2.571M	0.7%	$64.04	+26.2%	COM	277432100
DHR	Danaher Corp	25,646	$2.531M	0.7%	$31.98	+168.8%	COM	235851102
—	LyondellBasell Industries NV A	22,704	$2.494M	0.7%	$93.59	—	COM	n53745100
—	Aon Plc	18,166	$2.492M	0.7%	$113.08	—	COM	g0408v102
SYK	Stryker Corp	14,435	$2.438M	0.7%	$89.33	+73.3%	COM	863667101
TXN	Texas Instruments Inc	22,053	$2.431M	0.7%	$56.88	+53.4%	COM	882508104
PFE	Pfizer Inc	66,739	$2.421M	0.7%	$19.18	+26.7%	COM	717081103
—	Cisco Systems Inc	55,989	$2.409M	0.7%	$29.61	—	COM	17275r102
—	Nvr Inc	797	$2.368M	0.7%	$2971.14	—	COM	62944t105
—	FedEx Corp	9,880	$2.243M	0.6%	$196.21	—	COM	31428x106
—	Oracle Corp	49,445	$2.179M	0.6%	$42.79	—	COM	68389x105
—	CGI Groupe Inc Cl A	33,508	$2.122M	0.6%	$42.71	—	COM	39945c109
RY	Royal Bank of Canada Montreal	28,160	$2.12M	0.6%	$62.01	+23.5%	COM	780087102
—	WNS Holdings Ltd Sp ADR	40,008	$2.088M	0.6%	$31.35	—	ADR	92932m101
GD	General Dynamics Corp	10,847	$2.022M	0.6%	$92.50	+86.0%	COM	369550108
TD	Toronto Dominion Bank Ont	32,944	$1.906M	0.5%	$57.19	+0.1%	COM	891160509
—	Relx NV Sp ADR	85,383	$1.821M	0.5%	$17.75	—	ADR	75955b102
—	Norbord Inc	43,934	$1.807M	0.5%	$33.80	—	COM	65548p403
WINA	Winmark Corp	12,102	$1.797M	0.5%	$81.12	+69.0%	COM	974250102
—	Diageo PLC Sp ADR	12,284	$1.769M	0.5%	$112.93	—	ADR	25243q205
—	Enanta Pharmaceuticals Inc	15,029	$1.742M	0.5%	$115.91	—	COM	29251m106
SNPS	Synopsys Inc	20,226	$1.731M	0.5%	$52.86	+64.9%	COM	871607107
—	Perficient Inc	65,132	$1.718M	0.5%	$20.08	—	COM	71375u101
—	CDW Corp	21,100	$1.705M	0.5%	$66.84	—	COM	12514g108
—	MSCI Inc	10,200	$1.687M	0.5%	$126.43	—	COM	55354g100
—	Intuitive Surgical Inc	3,510	$1.679M	0.5%	$412.82	—	COM	46120e602
—	Ani Pharmaceuticals Inc	25,007	$1.67M	0.5%	$52.31	—	COM	00182c103
—	Ansys Inc	9,430	$1.643M	0.5%	$174.23	—	COM	03662q105
—	HCA Healthcare Inc	15,700	$1.611M	0.4%	$102.61	—	COM	40412c101
PEG	Public Service Enterprise Grou	29,491	$1.597M	0.4%	$38.22	+3.8%	COM	744573106
AMGN	Amgen Inc	8,466	$1.563M	0.4%	$144.43	-2.9%	COM	031162100
—	Aptiv PLC	17,001	$1.558M	0.4%	$84.82	—	COM	g6095l109
BA	Boeing Co	4,627	$1.552M	0.4%	$174.89	+88.9%	COM	097023105
—	TE Connectivity Ltd Reg	17,201	$1.549M	0.4%	$65.29	—	COM	h84989104
—	Monster Beverage Corp	26,800	$1.536M	0.4%	$57.31	—	COM	61174x109
CAE	CAE Inc	73,710	$1.531M	0.4%	$12.92	+49.8%	COM	124765108
AME	Ametek Inc	21,100	$1.523M	0.4%	$50.18	+40.2%	COM	031100100
ECL	Ecolab Inc	10,850	$1.523M	0.4%	$98.12	+35.5%	COM	278865100
—	Royal Dutch Shell PLC Sp ADR A	21,840	$1.512M	0.4%	$63.83	—	ADR	780259206
PHG	Koninklijke Philips NV NY Reg	34,958	$1.478M	0.4%	$37.99	—	ADR	500472303
INTC	Intel Corp	29,585	$1.471M	0.4%	$40.06	+12.4%	COM	458140100
HON	Honeywell Intl Inc	10,200	$1.469M	0.4%	$72.17	+57.4%	COM	438516106
CTSH	Cognizant Technology Solutions	18,400	$1.453M	0.4%	$70.61	-0.3%	COM	192446102
CM	Canadian Imperial Bank Comm To	16,611	$1.444M	0.4%	$28.16	+8.5%	COM	136069101
ARW	Arrow Electronics Inc	19,080	$1.436M	0.4%	$64.59	+17.8%	COM	042735100
—	Iqvia Holdings Inc	14,361	$1.433M	0.4%	$97.90	—	COM	46266c105
—	Ingersoll-Rand PLC	15,901	$1.427M	0.4%	$81.33	—	COM	g47791101
—	Malibu Boats Inc Cl A	34,010	$1.426M	0.4%	$31.40	—	COM	56117j100
FMS	Fresenius Med Care AG & Co KGA	28,201	$1.42M	0.4%	$47.77	—	ADR	358029106
—	Momo Inc ADR	32,578	$1.417M	0.4%	$24.47	—	ADR	60879b107
—	Shire PLC Sp ADR	8,395	$1.417M	0.4%	$168.79	—	ADR	82481r106
HCKT	Hackett Group Inc	87,911	$1.413M	0.4%	$11.00	+47.8%	COM	404609109
FONR	Fonar Corp	53,182	$1.412M	0.4%	$15.07	+85.0%	COM	344437405
ORANY	Orange Sp ADR	84,423	$1.407M	0.4%	$17.08	—	ADR	684060106
ADI	Analog Devices Inc	14,600	$1.4M	0.4%	$81.92	0.0%	COM	032654105
—	Vectrus Inc	44,713	$1.378M	0.4%	$17.11	—	COM	92242t101
CBZ	CBIZ Inc	59,687	$1.373M	0.4%	$9.23	+118.9%	COM	124805102
—	Ihs Markit Ltd	26,570	$1.371M	0.4%	$37.55	—	COM	g47567105
MU	Micron Technology Inc	26,100	$1.369M	0.4%	$42.03	+25.6%	COM	595112103
—	advanced emissions soluts inc	120,037	$1.364M	0.4%	$11.42	—	COM	00770c101
MGA	Magna Intl Inc	23,341	$1.357M	0.4%	$48.93	0.0%	COM	559222401
—	Insurance Holdings Inc	38,666	$1.357M	0.4%	$18.81	—	COM	91359v107
—	Tpi Composites Inc	46,014	$1.345M	0.4%	$22.45	—	COM	87266j104
—	national cinemedia inc	160,048	$1.344M	0.4%	$5.97	—	COM	635309107
PPG	PPG Industries Inc	12,900	$1.338M	0.4%	$99.02	-7.5%	COM	693506107
—	KMG Chemicals Inc	18,005	$1.328M	0.4%	$54.89	—	COM	482564101
—	Natural Health Trends Corp	53,017	$1.326M	0.4%	$19.01	—	COM	63888p406
UTMD	Utah Med Prods Inc	12,025	$1.325M	0.4%	$57.39	+82.0%	COM	917488108
CDNS	Cadence Design System Inc	30,300	$1.312M	0.4%	$36.84	+11.6%	COM	127387108
—	Lee Enterprises Inc	460,129	$1.311M	0.4%	$2.01	—	COM	523768109
TSBK	Timberland Bancorp Inc	35,011	$1.307M	0.4%	$21.02	+21.3%	COM	887098101
—	Mcbc Holdings Inc	45,117	$1.306M	0.4%	$11.97	—	COM	55276f107
BLBD	Blue Bird Corp	58,017	$1.297M	0.4%	$19.79	+10.8%	COM	095306106
—	finjan hldgs inc	380,110	$1.292M	0.4%	$3.27	—	COM	31788h303
—	Kemet Corp	53,204	$1.285M	0.4%	$24.15	—	COM	488360207
—	Stoneridge Inc	36,057	$1.267M	0.4%	$17.04	—	COM	86183p102
—	FS Bancorp Inc	20,006	$1.265M	0.4%	$52.02	—	COM	30263y104
—	Lam Research Corp	7,300	$1.262M	0.4%	$94.98	—	COM	512807108
—	ASML Holding NV NY Registry	6,372	$1.261M	0.4%	$173.82	—	ADR	n07059210
—	Western Asset Mtg Cap Corp	120,478	$1.255M	0.3%	$10.42	—	COM	95790d105
—	China Mobile Limited Sp ADR	28,178	$1.251M	0.3%	$50.54	—	ADR	16941m109
JNJ	Johnson & Johnson	10,300	$1.25M	0.3%	$74.18	+35.7%	COM	478160104
TRNS	Transcat Inc	65,984	$1.247M	0.3%	$10.74	+64.5%	COM	893529107
—	Ares Coml Real Estate Corp	90,030	$1.243M	0.3%	$12.90	—	COM	04013v108
NWFL	Norwood Financial Corp	34,011	$1.225M	0.3%	$28.88	+9.2%	COM	669549107
HMC	Honda Motor Ltd American	41,801	$1.224M	0.3%	$34.41	—	ADR	438128308
—	Medifast Inc	7,602	$1.218M	0.3%	$35.04	—	COM	58470h101
IX	ORIX Corp Sp ADR	15,382	$1.215M	0.3%	$89.86	—	ADR	686330101
OLP	One Liberty Properties Inc	46,014	$1.215M	0.3%	$24.93	—	COM	682406103
—	Ichor Holdings	57,208	$1.214M	0.3%	$21.66	—	COM	g4740b105
FTS	Fortis Inc	37,976	$1.211M	0.3%	$27.08	-9.8%	COM	349553107
—	first defiance finl corp	18,005	$1.207M	0.3%	$63.10	—	COM	32006w106
—	Sinopec Shanghai Petrochemical	20,050	$1.203M	0.3%	$60.00	—	ADR	82935m109
—	Fiat Chrysler Automobiles NV	62,313	$1.177M	0.3%	$17.85	—	COM	n31738102
—	dasan zhone solutions inc	120,036	$1.172M	0.3%	$10.88	—	COM	23305l206
KFRC	Kforce Inc	34,110	$1.17M	0.3%	$17.41	+81.2%	COM	493732101
—	Control4 Corp	48,014	$1.167M	0.3%	$28.86	—	COM	21240d107
CTS	cts corp	32,010	$1.152M	0.3%	$30.56	0.0%	COM	126501105
—	Zagg Inc	66,186	$1.145M	0.3%	$17.30	—	COM	98884u108
BIDU	Baidu Inc Sp ADR A	4,695	$1.141M	0.3%	$243.02	—	ADR	056752108
—	juniper pharmaceuticals inc	130,642	$1.137M	0.3%	$10.08	—	COM	48203l107
—	Great Ajax Corp	86,827	$1.136M	0.3%	$13.87	—	COM	38983d300
—	Whitehorse Fin Inc	78,023	$1.132M	0.3%	$14.51	—	COM	96524v106
—	SK Telecom Ltd Sp ADR	48,531	$1.132M	0.3%	$27.91	—	ADR	78440p108
COHU	Cohu Inc	46,015	$1.128M	0.3%	$18.53	+24.0%	COM	192576106
SAMG	silvercrest asset mgmt group i	69,021	$1.125M	0.3%	$15.92	0.0%	COM	828359109
—	Turning Pt Brands Inc	35,012	$1.117M	0.3%	$17.00	—	COM	90041l105
UNTY	Unity Bancorp Inc	49,052	$1.116M	0.3%	$8.99	+123.1%	COM	913290102
—	West Bancorporation Inc Cap St	44,323	$1.115M	0.3%	$18.59	—	COM	95123p106
—	Consolidated Tomoka Land Co	18,006	$1.108M	0.3%	$57.42	—	COM	210226106
CCS	Century Communities Inc	35,011	$1.105M	0.3%	$16.71	+72.1%	COM	156504300
—	issuer direct corporation	55,000	$1.094M	0.3%	$19.89	—	COM	46520m204
—	xcerra corp	78,023	$1.09M	0.3%	$11.65	—	COM	98400j108
ACNB	ACNB Corp	32,009	$1.09M	0.3%	$19.72	+23.1%	COM	000868109
—	Willdan Group Inc	35,010	$1.084M	0.3%	$30.96	—	COM	96924n100
—	American Software Inc Cl A	74,023	$1.079M	0.3%	$13.00	—	COM	029683109
—	bankfinancial corp	61,018	$1.077M	0.3%	$17.55	—	COM	06643p104
—	cambium learning grp inc	96,299	$1.074M	0.3%	$11.19	—	COM	13201a107
—	BSB Bancorp Inc MD	31,009	$1.067M	0.3%	$30.60	—	COM	05573h108
—	Palatin Technologies Inc $ .01	1,100,338	$1.067M	0.3%	$0.97	—	COM	696077403
—	Nanometrics Inc	30,009	$1.063M	0.3%	$30.30	—	COM	630077105
—	Landmark Bancorp Inc	37,114	$1.058M	0.3%	$25.63	—	COM	51504l107
—	mackinac finl corp	63,817	$1.058M	0.3%	$16.25	—	COM	554571109
CHMG	Chemung Financial Corp	21,006	$1.053M	0.3%	$38.09	+3.9%	COM	164024101
—	Exelon Corp	24,688	$1.052M	0.3%	$35.57	—	COM	30161n101
—	intricon corp	26,008	$1.048M	0.3%	$40.30	—	COM	46121h109
—	Nv5 Global Inc	15,048	$1.043M	0.3%	$69.31	—	COM	62945v109
ADUS	Addus Homecare Corp	18,006	$1.031M	0.3%	$38.39	+42.3%	COM	006739106
—	Nova Measuring Instruments Ltd	37,631	$1.025M	0.3%	$15.14	—	COM	m7516k103
HIFS	Hingham Inst Savings MA	4,655	$1.023M	0.3%	$93.87	+107.0%	COM	433323102
TCBK	Trico Bancshares	27,095	$1.015M	0.3%	$26.30	+45.5%	COM	896095106
VSEC	VSE Corp	21,007	$1.004M	0.3%	$41.72	+13.1%	COM	918284100
—	Chase Corp	8,511	$998K	0.3%	$59.78	—	COM	16150r104
AGM	Federal Agric Mtg Corp Cl C	11,003	$985K	0.3%	$50.87	+35.3%	COM	313148306
FORM	FormFactor Inc	74,021	$984K	0.3%	$13.55	0.0%	COM	346375108
WASH	Washington Tr Bancorp	16,905	$982K	0.3%	$23.01	+64.0%	COM	940610108
JOUT	johnson outdoors inc	11,603	$981K	0.3%	$65.52	+11.7%	COM	479167108
—	bg staffing inc	42,012	$977K	0.3%	$18.99	—	COM	05544a109
TCX	Tucows Inc	16,005	$971K	0.3%	$62.15	0.0%	COM	898697206
—	CRA Intl Inc	19,006	$967K	0.3%	$41.03	—	COM	12618t105
—	Enel Americas SA Sp ADR	109,374	$964K	0.3%	$8.81	—	ADR	29274f104
—	pgt innovations inc	46,013	$959K	0.3%	$20.84	—	COM	69336v101
INFY	Infosys Ltd Sp ADR	49,204	$956K	0.3%	$17.86	—	ADR	456788108
HD	Home Depot Inc	4,895	$955K	0.3%	$141.83	+9.3%	COM	437076102
CSW	Csw Industrials Inc	18,005	$952K	0.3%	$45.24	+1.2%	COM	126402106
HNNA	Hennessy Advisors Inc	54,487	$945K	0.3%	$18.75	+0.7%	COM	425885100
—	Northern Oil & Gas Inc Nev	300,084	$945K	0.3%	$3.15	—	COM	665531109
—	Sachem Cap Corp	230,000	$943K	0.3%	$4.10	—	COM	78590a109
—	Kadant Inc	9,732	$936K	0.3%	$96.18	—	COM	48282t104
—	Constellation Brands Inc Cl A	4,230	$926K	0.3%	$218.91	—	COM	21036p108
—	Smart Global Holdings Inc	29,008	$924K	0.3%	$49.85	—	COM	g8232y101
—	Raytheon Co	4,721	$912K	0.3%	$140.25	—	COM	755111507
—	Dime Community Bancshares	46,013	$897K	0.2%	$18.41	—	COM	253922108
YUM	Yum Brands Inc	11,454	$896K	0.2%	$71.00	+2.2%	COM	988498101
—	Diamond Hill Investment Group	4,601	$895K	0.2%	$190.01	—	COM	25264r207
—	electro scientific inds	56,016	$883K	0.2%	$19.33	—	COM	285229100
—	KT Corp Sp ADR	66,525	$883K	0.2%	$16.64	—	ADR	48268k101
—	CRH Medical Corp	280,077	$868K	0.2%	$3.10	—	COM	12626f105
TX	Ternium SA Sp ADR	24,815	$864K	0.2%	$34.82	—	ADR	880890108
EFSC	Enterprise Financial Services	16,005	$863K	0.2%	$21.04	+114.2%	COM	293712105
—	Bryn Mawr Bank Corp	18,621	$862K	0.2%	$29.71	—	COM	117665109
—	Solaris Oilfield Infrast Inc C	60,018	$858K	0.2%	$14.30	—	COM	83418m103
TBRG	computer programs & sys inc	26,008	$856K	0.2%	$30.33	0.0%	COM	205306103
—	first savings finl group inc	11,604	$853K	0.2%	$69.46	—	COM	33621e109
—	Koppers Holdings Inc	22,007	$844K	0.2%	$41.08	—	COM	50060p106
—	Globalscape Inc Com	210,057	$813K	0.2%	$3.80	—	COM	37940g109
—	Foundation Building Materials	52,000	$800K	0.2%	$15.38	—	COM	350392106
—	CAI International Inc	34,010	$790K	0.2%	$23.23	—	COM	12477x106
—	Huami Corp Sp ADS	80,024	$788K	0.2%	$9.85	—	ADR	44331k103
SGC	Superior Uniform Group Inc	38,011	$787K	0.2%	$25.22	-3.7%	COM	868358102
—	Exxon Mobile Corp	9,456	$782K	0.2%	$81.88	—	COM	30231g102
—	Mastech Digital Inc	47,014	$757K	0.2%	$16.10	—	COM	57633b100
—	JPMorgan Chase & Co	7,205	$751K	0.2%	$106.93	—	COM	46625h100
—	Valero Energy Corp	6,729	$746K	0.2%	$91.92	—	COM	91913y100
—	Depomed Inc	110,033	$734K	0.2%	$6.67	—	COM	249908104
LIND	Lindblad Expeditions Holdings	51,014	$676K	0.2%	$11.87	0.0%	COM	535219109
NPK	National Presto Industries Inc	5,302	$657K	0.2%	$99.25	+8.8%	COM	637215104
ORRF	orrstown finl svcs inc	25,008	$650K	0.2%	$19.95	0.0%	COM	687380105
—	Schnitzer Steel Industries Cl	19,006	$640K	0.2%	$33.67	—	COM	806882106
—	pacific mercantile bancorp	65,020	$634K	0.2%	$9.75	—	COM	694552100
—	cynergistek inc	160,000	$630K	0.2%	$4.79	—	COM	23258p105
—	century bancorp inc mass	8,202	$627K	0.2%	$79.37	—	COM	156432106
HURC	Hurco Companies Inc	14,004	$627K	0.2%	$45.07	+2.0%	COM	447324104
—	Hallador Energy Company	87,544	$625K	0.2%	$6.87	—	COM	40609p105
—	Douglas Dynamics Inc	13,004	$624K	0.2%	$47.99	—	COM	25960r105
—	Total SA Sp ADR	9,710	$588K	0.2%	$57.69	—	ADR	89151e109
—	ruths hospitality group inc	20,000	$561K	0.2%	$28.05	—	COM	783332109
—	Meet Group Inc	125,000	$560K	0.2%	$4.48	—	COM	58513u101
—	Baycom Corp	22,000	$544K	0.2%	$24.73	—	COM	07272m107
STRL	Sterling Construction Co Inc	41,000	$534K	0.1%	$12.45	0.0%	COM	859241101
—	Ase Industrial Holding Co Ltd	94,725	$436K	0.1%	$4.60	—	ADR	00215w100
—	Profire Energy Inc	120,000	$406K	0.1%	$3.38	—	COM	74316x101
—	Chunghwa Telecom Co Ltd Sp ADR	11,137	$400K	0.1%	$35.81	—	ADR	17133q502
—	emclaire finl corp	10,499	$360K	0.1%	$34.29	—	COM	290828102
AZN	AstraZeneca PLC Sp ADR	7,900	$277K	0.1%	$34.05	—	ADR	046353108
—	HDFC Bank Ltd ADR Reps 3	2,480	$260K	0.1%	$66.37	—	ADR	40415f101
—	KB Financial Group Inc Sp ADR	4,597	$214K	0.1%	$48.42	—	ADR	48241a105
—	TheStreet Inc	79,368	$173K	0.0%	$2.18	—	COM	88368q103
—	Caledonia Mining Corp PLC	14,800	$125K	0.0%	$8.45	—	COM	g1757e113