Copeland Capital Management 13FHR Quarterly holdings report by institutional manager | SEC 12 Oct 22

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
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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
ADIDAS AG-SPONSORED ADR	COM	00687A107	1	24	SH		SOLE		24	0	0
ASSA ABLOY AB - UNSP ADR	COM	045387107	2	174	SH		SOLE		174	0	0
AUST & NZ BNKG GRP SPON ADR	COM	052528304	2	108	SH		SOLE		108	0	0
BAE SYSTEMS PLC-SPON ADR	COM	05523R107	3	97	SH		SOLE		97	0	0
BRENNTAG SE-UNSP ADR	COM	107180101	3	216	SH		SOLE		216	0	0
CRODA INTERNATIONAL PLC ADR	COM	227047305	2	52	SH		SOLE		52	0	0
DBS GROUP HOLDINGS - SPON ADR	COM	23304Y100	3	35	SH		SOLE		35	0	0
DNB ASA-SPONSOR ADR	COM	23341C103	3	173	SH		SOLE		173	0	0
IBERDROLA SA-SPONSORED ADR	COM	450737101	2	65	SH		SOLE		65	0	0
LVMH MOET HENNESSY-UNSP ADR	COM	502441306	3	23	SH		SOLE		23	0	0
MURATA MANUFACTURING CO LTD UN	COM	626425102	2	216	SH		SOLE		216	0	0
NIDEC CORPORATION-SPON ADR	COM	654090109	2	111	SH		SOLE		111	0	0
NITORI HLDGS CO LTD-UNSPON ADR	COM	65479L108	2	219	SH		SOLE		219	0	0
RENTOKIL INITIAL PLC - SP ADR	COM	760125104	2	82	SH		SOLE		82	0	0
ROCHE HOLDINGS LTD-SPONS ADR	COM	771195104	3	80	SH		SOLE		80	0	0
SHIMANO INC - UNSPON ADR	COM	82455C101	2	99	SH		SOLE		99	0	0
SHIN-ETSU CHEM-UNSPON ADR	COM	824551105	3	114	SH		SOLE		114	0	0
SHIONOGI & CO LTD-UNSPON ADR	COM	824667109	3	237	SH		SOLE		237	0	0
SVENSKA HANDELSB-A-UNSP ADR	COM	86959C103	3	725	SH		SOLE		725	0	0
TECHTRONIC INDUSTRIES-SP ADR	COM	87873R101	1	24	SH		SOLE		24	0	0
TERNA SPA-UNSPONSORED ADR	COM	88088L103	2	86	SH		SOLE		86	0	0
TESCO PLC-SPONSORED ADR	COM	881575401	2	246	SH		SOLE		246	0	0
THALES SA - UNSPON ADR	COM	883219206	4	160	SH		SOLE		160	0	0
WOLTERS KLUWER NV-SPONS ADR	COM	977874205	2	18	SH		SOLE		18	0	0
3M CO	COM	88579Y101	166	1,500	SH		SOLE		1,500	0	0
A10 NETWORKS INC	COM	002121101	32	2,434	SH		SOLE		2,434	0	0
AARON'S CO INC/THE	COM	00258W108	16,857	1,734,297	SH		SOLE		1,533,434	0	200,863
AARON'S CO INC/THE	COM	00258W108	2,177	223,943	SH		DFND	4	0	223,943	0
ABBOTT LABORATORIES	COM	002824100	121	1,248	SH		SOLE		1,248	0	0
ABBVIE INC	COM	00287Y109	231	1,720	SH		SOLE		1,720	0	0
ABM INDUSTRIES INC	COM	000957100	36,024	942,292	SH		SOLE		834,962	0	107,330
ABM INDUSTRIES INC	COM	000957100	4,762	124,549	SH		DFND	4	0	124,549	0
ACCENTURE PLC	COM	G1151C101	4,577	17,790	SH		SOLE		17,790	0	0
ACCENTURE PLC	COM	G1151C101	2,118	8,233	SH		DFND	4	0	8,233	0
ACTIVISION BLIZZARD INC	COM	00507V109	207	2,786	SH		SOLE		2,786	0	0
ADVANCE AUTO PARTS INC	COM	00751Y106	11,798	75,465	SH		SOLE		75,465	0	0
ADVANCE AUTO PARTS INC	COM	00751Y106	4,406	28,183	SH		DFND	4	0	28,183	0
AES CORP	COM	00130H105	3	117	SH		SOLE		117	0	0
AIR LEASE CORP	COM	00912X302	36,305	1,170,747	SH		SOLE		1,036,229	0	134,518
AIR LEASE CORP	COM	00912X302	4,074	131,377	SH		DFND	4	0	131,377	0
AIR PRODUCTS & CHEMICALS INC	COM	009158106	4,510	19,377	SH		SOLE		19,377	0	0
AIR PRODUCTS & CHEMICALS INC	COM	009158106	2,575	11,066	SH		DFND	4	0	11,066	0
ALBEMARLE	COM	012653101	255	963	SH		SOLE		963	0	0
ALEXANDRIA REAL EST REIT	COM	015271109	1,120	7,990	SH		SOLE		7,990	0	0
ALGONQUIN POWER & UTILITIES	COM	015857105	33,682	3,087,248	SH		SOLE		2,749,616	0	337,632
ALGONQUIN POWER & UTILITIES	COM	015857105	4,618	423,287	SH		DFND	4	0	423,287	0
ALLISON TRANSMISSION HOLDING	COM	01973R101	42,360	1,254,745	SH		SOLE		1,108,720	0	146,025
ALLISON TRANSMISSION HOLDING	COM	01973R101	5,095	150,931	SH		DFND	4	0	150,931	0
ALLSTATE CORP	COM	020002101	1,134	9,106	SH		SOLE		9,106	0	0
ALPHABET INC	COM	02079K107	40	420	SH		SOLE		420	0	0
ALTRA INDUSTRIAL MOTION	COM	02208R106	26,094	776,153	SH		SOLE		674,376	0	101,777
ALTRA INDUSTRIAL MOTION	COM	02208R106	2,402	71,454	SH		DFND	4	0	71,454	0
ALTRIA GROUP INC	COM	02209S103	26	653	SH		SOLE		653	0	0
AMAZON.COM INC	COM	023135106	59	520	SH		SOLE		520	0	0
AMDOCS LTD	COM	G02602103	4	52	SH		SOLE		52	0	0
AMERICAN TOWER	COM	03027X100	809	3,770	SH		SOLE		3,770	0	0
AMERICAN WATER WORKS CO INC	COM	030420103	59	450	SH		SOLE		450	0	0
AMERIPRISE FINANCIAL INC	COM	03076C106	5,501	21,833	SH		SOLE		21,833	0	0
AMERIPRISE FINANCIAL INC	COM	03076C106	3,236	12,844	SH		DFND	4	0	12,844	0
AMGEN INC	COM	031162100	93	411	SH		SOLE		411	0	0
AMPHENOL CORP CLASS A	COM	032095101	260	3,876	SH		SOLE		3,876	0	0
APPLE INC	COM	037833100	8,859	64,100	SH		SOLE		64,100	0	0
APPLE INC	COM	037833100	5,498	39,784	SH		DFND	4	0	39,784	0
ARIS WATER SOLUTION INC-A	COM	04041L106	14,442	1,131,837	SH		SOLE		944,036	0	187,801
ASTEC INDS INC	COM	046224101	22	703	SH		SOLE		703	0	0
ASTRAZENECA PLC ADR F SPONSORE	COM	046353108	2	41	SH		SOLE		41	0	0
AT&T	COM	00206R102	13	815	SH		SOLE		815	0	0
ATRION CORP	COM	049904105	34	61	SH		SOLE		61	0	0
AUDIOCODES LTD	COM	M15342104	31,826	1,459,246	SH		SOLE		1,286,823	0	172,423
AUDIOCODES LTD	COM	M15342104	3,816	174,972	SH		DFND	4	0	174,972	0
AUTO DATA PROCESSING	COM	053015103	4,919	21,745	SH		SOLE		21,745	0	0
AUTO DATA PROCESSING	COM	053015103	3,740	16,533	SH		DFND	4	0	16,533	0
BANK OZK	COM	06417N103	55,950	1,414,298	SH		SOLE		1,241,065	0	173,233
BANK OZK	COM	06417N103	6,088	153,897	SH		DFND	4	0	153,897	0
BEST BUY CO INC	COM	086516101	2	28	SH		SOLE		28	0	0
BLACKROCK INC	COM	09247X101	4,131	7,506	SH		SOLE		7,506	0	0
BLACKROCK INC	COM	09247X101	2,646	4,808	SH		DFND	4	0	4,808	0
BLUEGREEN VACATIONS HOLDING	COM	096308101	26	1,569	SH		SOLE		1,569	0	0
BOOZ ALLEN HAMILTON HOLDINGS	COM	099502106	13,136	142,243	SH		SOLE		142,243	0	0
BOOZ ALLEN HAMILTON HOLDINGS	COM	099502106	4,804	52,019	SH		DFND	4	0	52,019	0
BRISTOL-MYERS SQUIBB CO	COM	110122108	3	38	SH		SOLE		38	0	0
BROADCOM INC	COM	11135F101	5,637	12,696	SH		SOLE		12,696	0	0
BROADCOM INC	COM	11135F101	3,393	7,641	SH		DFND	4	0	7,641	0
BROADRIDGE FINANCIAL SOLUTIO	COM	11133T103	12,056	83,537	SH		SOLE		83,537	0	0
BROADRIDGE FINANCIAL SOLUTIO	COM	11133T103	4,371	30,287	SH		DFND	4	0	30,287	0
BRUNSWICK CORP	COM	117043109	38,652	590,557	SH		SOLE		525,189	0	65,368
BRUNSWICK CORP	COM	117043109	5,014	76,608	SH		DFND	4	0	76,608	0
BWX TECHNOLOGIES	COM	05605H100	39,477	783,735	SH		SOLE		686,143	0	97,592
BWX TECHNOLOGIES	COM	05605H100	4,074	80,886	SH		DFND	4	0	80,886	0
C S G SYSTEMS INTL	COM	126349109	32	604	SH		SOLE		604	0	0
CABLE ONE INC	COM	12685J105	28,873	33,846	SH		SOLE		30,195	0	3,651
CABLE ONE INC	COM	12685J105	3,826	4,485	SH		DFND	4	0	4,485	0
CANADIAN NATURAL RESOURCES	COM	136385101	4	84	SH		SOLE		84	0	0
CARLISLE COS INC	COM	142339100	12,642	45,084	SH		SOLE		45,084	0	0
CARLISLE COS INC	COM	142339100	5,091	18,156	SH		DFND	4	0	18,156	0
CARRIAGE SERVICES	COM	143905107	23	728	SH		SOLE		728	0	0
CASEY'S GENERAL STORES INC	COM	147528103	48,615	240,049	SH		SOLE		211,921	0	28,128
CASEY'S GENERAL STORES INC	COM	147528103	5,391	26,622	SH		DFND	4	0	26,622	0
CASS INFORMATION SYS	COM	14808P109	23	669	SH		SOLE		669	0	0
CDW CORP/DE	COM	12514G108	5,519	35,363	SH		SOLE		35,363	0	0
CDW CORP/DE	COM	12514G108	3,362	21,539	SH		DFND	4	0	21,539	0
CHEMED CORP	COM	16359R103	51,512	117,995	SH		SOLE		104,747	0	13,248
CHEMED CORP	COM	16359R103	8,807	20,174	SH		DFND	4	0	20,174	0
CHESAPEAKE UTILITIES CORP	COM	165303108	30,643	265,563	SH		SOLE		221,780	0	43,783
CHORD ENERGY CORP	COM	674215207	54,307	397,070	SH		SOLE		349,924	0	47,146
CHORD ENERGY CORP	COM	674215207	6,776	49,540	SH		DFND	4	0	49,540	0
CHUBB LTD	COM	H1467J104	16	86	SH		SOLE		86	0	0
CHURCH & DWIGHT	COM	171340102	706	9,883	SH		SOLE		9,883	0	0
CHURCHILL DOWNS	COM	171484108	15,232	82,713	SH		SOLE		82,713	0	0
CHURCHILL DOWNS	COM	171484108	5,781	31,391	SH		DFND	4	0	31,391	0
CISCO SYSTEMS INC	COM	17275R102	2	52	SH		SOLE		52	0	0
CIVITAS RESOURCES INC	COM	17888H103	45,975	801,100	SH		SOLE		693,508	0	107,592
CIVITAS RESOURCES INC	COM	17888H103	3,796	66,150	SH		DFND	4	0	66,150	0
COGENT COMMUNICATIONS	COM	19239V302	35,839	687,092	SH		SOLE		609,443	0	77,649
COGENT COMMUNICATIONS	COM	19239V302	4,353	83,446	SH		DFND	4	0	83,446	0
COGNEX CORP	COM	192422103	7,459	179,949	SH		SOLE		179,949	0	0
COGNEX CORP	COM	192422103	2,623	63,286	SH		DFND	4	0	63,286	0
COGNIZANT TECH SOLUTIONS-A	COM	192446102	2	33	SH		SOLE		33	0	0
COHEN & STEERS INC	COM	19247A100	36,997	590,721	SH		SOLE		521,345	0	69,376
COHEN & STEERS INC	COM	19247A100	4,318	68,946	SH		DFND	4	0	68,946	0
COMCAST CORP	COM	20030N101	2	72	SH		SOLE		72	0	0
CONNECTONE BANCORP INC	COM	20786W107	30	1,297	SH		SOLE		1,297	0	0
CONSTELLATION BRANDS INC-A	COM	21036P108	4,851	21,119	SH		SOLE		21,119	0	0
CONSTELLATION BRANDS INC-A	COM	21036P108	3,343	14,557	SH		DFND	4	0	14,557	0
COSTCO WHOLESALE	COM	22160K105	5,336	11,299	SH		SOLE		11,299	0	0
COSTCO WHOLESALE	COM	22160K105	3,297	6,982	SH		DFND	4	0	6,982	0
COTERRA ENERGY	COM	127097103	10,867	416,059	SH		SOLE		416,059	0	0
COTERRA ENERGY	COM	127097103	4,474	171,277	SH		DFND	4	0	171,277	0
CRA INTERNATIONAL INC	COM	12618T105	30,026	338,362	SH		SOLE		282,263	0	56,099
DIAGEO PLC ADR	COM	25243Q205	3	18	SH		SOLE		18	0	0
DIAMOND HILL INVT GP CLASS A	COM	25264r207	28	168	SH		SOLE		168	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	14,944	124,057	SH		SOLE		124,057	0	0
DIAMONDBACK ENERGY INC	COM	25278X109	5,957	49,454	SH		DFND	4	0	49,454	0
DIGITAL REALTY TRUST REIT	COM	253868103	51	510	SH		SOLE		510	0	0
DISCOVER FINANCIAL SERVICES	COM	254709108	4,717	51,881	SH		SOLE		51,881	0	0
DISCOVER FINANCIAL SERVICES	COM	254709108	2,869	31,550	SH		DFND	4	0	31,550	0
DOLBY LABORATORIES	COM	25659T107	3	42	SH		SOLE		42	0	0
DOLLAR GENERAL	COM	256677105	5,374	22,405	SH		SOLE		22,405	0	0
DOLLAR GENERAL	COM	256677105	3,176	13,239	SH		DFND	4	0	13,239	0
DOMINO'S PIZZA INC	COM	25754A201	9,326	30,065	SH		SOLE		30,065	0	0
DOMINO'S PIZZA INC	COM	25754A201	3,869	12,474	SH		DFND	4	0	12,474	0
DR HORTON INC	COM	23331A109	7	111	SH		SOLE		111	0	0
ELANCO ANIMAL HEALTH INC	COM	28414H103	12	983	SH		SOLE		983	0	0
ELEMENT SOLUTIONS INC	COM	28618M106	32,121	1,974,262	SH		SOLE		1,740,365	0	233,897
ELEMENT SOLUTIONS INC	COM	28618M106	3,702	227,536	SH		DFND	4	0	227,536	0
EMBECTA CORP	COM	29082K105	28	974	SH		SOLE		974	0	0
ENCOMPASS HEALTH	COM	29261A100	34,953	772,776	SH		SOLE		684,553	0	88,223
ENCOMPASS HEALTH	COM	29261A100	3,887	85,947	SH		DFND	4	0	85,947	0
ENSIGN GROUP	COM	29358P101	66,816	840,455	SH		SOLE		739,695	0	100,760
ENSIGN GROUP	COM	29358P101	6,999	88,037	SH		DFND	4	0	88,037	0
ENTEGRIS INC	COM	29362U104	7,476	90,046	SH		SOLE		90,046	0	0
ENTEGRIS INC	COM	29362U104	3,082	37,126	SH		DFND	4	0	37,126	0
ENTERPRISE PRD PRTNRS LP	COM	293792107	37	1,574	SH		SOLE		1,574	0	0
EQUINIX INC	COM	29444U700	3,880	6,820	SH		SOLE		6,820	0	0
EQUINIX INC	COM	29444U700	1,724	3,030	SH		DFND	4	0	3,030	0
EQUITY LIFESTYLE PROPERTIES	COM	29472R108	194	3,084	SH		SOLE		3,084	0	0
EVERCORE INC - A	COM	29977A105	28,386	345,117	SH		SOLE		297,676	0	47,441
EVERCORE INC - A	COM	29977A105	1,824	22,181	SH		DFND	4	0	22,181	0
EVOLUTION PETROLEUM	COM	30049A107	26	3,753	SH		SOLE		3,753	0	0
EXP WORLD HOLDING	COM	30212W100	25,198	2,247,840	SH		SOLE		1,995,189	0	252,651
EXP WORLD HOLDING	COM	30212W100	2,943	262,549	SH		DFND	4	0	262,549	0
EXPEDITORS INTL WASH INC	COM	302130109	3	38	SH		SOLE		38	0	0
EXXON MOBIL CORP	COM	30231G102	325	3,725	SH		SOLE		3,725	0	0
FACTSET RESEARCH SYSTEMS INC	COM	303075105	15,492	38,720	SH		SOLE		38,720	0	0
FACTSET RESEARCH SYSTEMS INC	COM	303075105	7,326	18,310	SH		DFND	4	0	18,310	0
FAT BRANDS INC	COM	30258N105	28	3,804	SH		SOLE		3,804	0	0
FEDERAL AGRIC MTG CORP-CL C	COM	313148306	30,309	305,721	SH		SOLE		254,996	0	50,725
FIDELITY NATIONAL INFORMATION	COM	31620M106	1,021	13,515	SH		SOLE		13,515	0	0
FORTIS INC	COM	349553107	2	57	SH		SOLE		57	0	0
FS BANCORP INC	COM	30263Y104	28	1,042	SH		SOLE		1,042	0	0
GENERAL ELECTRIC	COM	369604301	16	256	SH		SOLE		256	0	0
GFL ENVIRONMENTAL	COM	36168Q104	11,969	473,286	SH		SOLE		473,286	0	0
GFL ENVIRONMENTAL	COM	36168Q104	4,754	187,960	SH		DFND	4	0	187,960	0
GLOBAL INDUSTRIAL	COM	37892E102	25	949	SH		SOLE		949	0	0
GLOBE LIFE INC	COM	37959E102	10,141	101,720	SH		SOLE		101,720	0	0
GLOBE LIFE INC	COM	37959E102	4,367	43,802	SH		DFND	4	0	43,802	0
GOLDMAN SACHS GROUP INC	COM	38141G104	2	8	SH		SOLE		8	0	0
GORMAN RUPP CO	COM	383082104	26	1,109	SH		SOLE		1,109	0	0
HACKETT GROUP INC	COM	404609109	29	1,635	SH		SOLE		1,635	0	0
HAMILTON LANE	COM	407497106	36,981	620,386	SH		SOLE		547,369	0	73,017
HAMILTON LANE	COM	407497106	4,131	69,303	SH		DFND	4	0	69,303	0
HERSHEY CO/THE	COM	427866108	3	15	SH		SOLE		15	0	0
HINGHAM INSTN SVGS	COM	433323102	24	94	SH		SOLE		94	0	0
HIREQUEST INC	COM	433535101	27	2,107	SH		SOLE		2,107	0	0
HOME BANCSHARES INC	COM	436893200	50,443	2,240,903	SH		SOLE		1,975,980	0	264,923
HOME BANCSHARES INC	COM	436893200	6,216	276,162	SH		DFND	4	0	276,162	0
HOME DEPOT INC	COM	437076102	4,551	16,494	SH		SOLE		16,494	0	0
HOME DEPOT INC	COM	437076102	2,781	10,078	SH		DFND	4	0	10,078	0
HOOKER FURNISHINGS CORP	COM	439038100	20	1,516	SH		SOLE		1,516	0	0
HP INC	COM	40434L105	2	97	SH		SOLE		97	0	0
HUMANA INC	COM	444859102	233	480	SH		SOLE		480	0	0
HUNT (JB) TRANSPRT SVCS INC	COM	445658107	195	1,245	SH		SOLE		1,245	0	0
HUNTINGTON INGALLS INDUSTRIE	COM	446413106	13,541	61,133	SH		SOLE		61,133	0	0
HUNTINGTON INGALLS INDUSTRIE	COM	446413106	4,907	22,152	SH		DFND	4	0	22,152	0
HURCO COMPANIES INC	COM	447324104	27	1,216	SH		SOLE		1,216	0	0
INFORMATION SVCS GP	COM	45675Y104	21	4,470	SH		SOLE		4,470	0	0
INSPERITY INC	COM	45778Q107	46,456	455,054	SH		SOLE		403,771	0	51,283
INSPERITY INC	COM	45778Q107	5,775	56,572	SH		DFND	4	0	56,572	0
INTER PARFUMS INC	COM	458334109	43,927	582,120	SH		SOLE		514,523	0	67,597
INTER PARFUMS INC	COM	458334109	4,688	62,126	SH		DFND	4	0	62,126	0
INTUIT INC	COM	461202103	4,738	12,232	SH		SOLE		12,232	0	0
INTUIT INC	COM	461202103	2,832	7,311	SH		DFND	4	0	7,311	0
ISHARES MSCI EAFE SMALL CAP IN	COM	464288273	9	183	SH		SOLE		183	0	0
ISHARES RUSSELL 2000 GROWTH	COM	464287648	758	3,668	SH		SOLE		0	0	3,668
ISHARES TR RUSSELL 2000 INDX	COM	464287655	2,253	13,660	SH		SOLE		13,660	0	0
JACK HENRY & ASSOCIATES INC	COM	426281101	12,965	71,131	SH		SOLE		71,131	0	0
JACK HENRY & ASSOCIATES INC	COM	426281101	5,078	27,858	SH		DFND	4	0	27,858	0
JOHNSON & JOHNSON	COM	478160104	319	1,955	SH		SOLE		1,955	0	0
JPMORGAN CHASE	COM	46625H100	388	3,712	SH		SOLE		3,712	0	0
KADANT INC	COM	48282T104	27	162	SH		SOLE		162	0	0
KAISER ALUMINUM	COM	483007704	17,527	285,694	SH		SOLE		238,842	0	46,852
KENNEDY - WILSON HOLDINGS INC.	COM	489398107	30,132	1,949,027	SH		SOLE		1,737,533	0	211,494
KENNEDY - WILSON HOLDINGS INC.	COM	489398107	4,211	272,364	SH		DFND	4	0	272,364	0
KFORCE INC	COM	493732101	29	488	SH		SOLE		488	0	0
KROGER CO	COM	501044101	3	69	SH		SOLE		69	0	0
KULICKE & SOFFA INDUSTRIES	COM	501242101	31,458	816,456	SH		SOLE		727,859	0	88,597
KULICKE & SOFFA INDUSTRIES	COM	501242101	4,342	112,701	SH		DFND	4	0	112,701	0
LAKELAND FINANCIAL CORP	COM	511656100	37,897	520,487	SH		SOLE		434,047	0	86,440
LANDSTAR SYSTEM INC	COM	515098101	42,487	294,293	SH		SOLE		259,367	0	34,926
LANDSTAR SYSTEM INC	COM	515098101	4,888	33,854	SH		DFND	4	0	33,854	0
LEMAITRE VASCULAR INC	COM	525558201	55,666	1,098,392	SH		SOLE		964,983	0	133,409
LEMAITRE VASCULAR INC	COM	525558201	6,345	125,190	SH		DFND	4	0	125,190	0
LENNOX INTL INC	COM	526107107	2	8	SH		SOLE		8	0	0
LILLY ELI & CO	COM	532457108	447	1,382	SH		SOLE		1,382	0	0
LINDE PLC F	COM	G5494J103	19	70	SH		SOLE		70	0	0
LITTELFUSE INC	COM	537008104	35,824	180,301	SH		SOLE		158,731	0	21,570
LITTELFUSE INC	COM	537008104	4,307	21,675	SH		DFND	4	0	21,675	0
LOGITECH INTERNATIONAL-REG	COM	H50430232	1	28	SH		SOLE		28	0	0
MAGIC SFTWR ENTERPRS F	COM	559166103	30	1,924	SH		SOLE		1,924	0	0
MATERION CORP	COM	576690101	34,191	427,390	SH		SOLE		356,456	0	70,934
MCDONALDS CORP	COM	580135101	136	591	SH		SOLE		591	0	0
MEDIFAST INC	COM	58470H101	28	263	SH		SOLE		263	0	0
MERCK & CO. INC.	COM	58933Y105	52	600	SH		SOLE		600	0	0
MICROSOFT CORP	COM	594918104	4,727	20,294	SH		SOLE		20,294	0	0
MICROSOFT CORP	COM	594918104	3,943	16,928	SH		DFND	4	0	16,928	0
MONOLITHIC POWER SYS INC	COM	609839105	1,938	5,333	SH		SOLE		5,333	0	0
MONOLITHIC POWER SYS INC	COM	609839105	1,388	3,820	SH		DFND	4	0	3,820	0
MONRO INC	COM	610236101	36,914	849,374	SH		SOLE		752,102	0	97,272
MONRO INC	COM	610236101	4,339	99,838	SH		DFND	4	0	99,838	0
MORGAN STANLEY	COM	617446448	3,879	49,093	SH		SOLE		49,093	0	0
MORGAN STANLEY	COM	617446448	2,456	31,089	SH		DFND	4	0	31,089	0
MORNINGSTAR INC	COM	617700109	8,949	42,147	SH		SOLE		42,147	0	0
MORNINGSTAR INC	COM	617700109	3,968	18,689	SH		DFND	4	0	18,689	0
MOTOROLA SOLUTIONS INC	COM	620076307	6,005	26,811	SH		SOLE		26,811	0	0
MOTOROLA SOLUTIONS INC	COM	620076307	3,231	14,425	SH		DFND	4	0	14,425	0
MSCI INC	COM	55354G100	197	467	SH		SOLE		467	0	0
NATIONAL HEALTHCARE	COM	635906100	34	544	SH		SOLE		544	0	0
NATIONAL RESEARCH	COM	637372202	38	944	SH		SOLE		944	0	0
NATURAL GROCERS	COM	63888U108	17	1,559	SH		SOLE		1,559	0	0
NESTLE	COM	641069406	3	27	SH		SOLE		27	0	0
NEWLAKE CAPITAL PARTNERS INC	COM	651495103	20	1,467	SH		SOLE		1,467	0	0
NEXPOINT RESIDENTIAL	COM	65341D102	30,451	658,976	SH		SOLE		583,983	0	74,993
NEXPOINT RESIDENTIAL	COM	65341D102	4,179	90,426	SH		DFND	4	0	90,426	0
NEXSTAR MEDIA GROUP INC	COM	65336K103	54,886	328,952	SH		SOLE		293,466	0	35,486
NEXSTAR MEDIA GROUP INC	COM	65336K103	8,536	51,158	SH		DFND	4	0	51,158	0
NEXTERA ENERGY	COM	65339F101	1,331	16,978	SH		SOLE		16,978	0	0
NIKE INC CLASS B	COM	654106103	2,963	35,652	SH		SOLE		35,652	0	0
NIKE INC CLASS B	COM	654106103	1,741	20,946	SH		DFND	4	0	20,946	0
NORDSON CORP COM	COM	655663102	10,578	49,831	SH		SOLE		49,831	0	0
NORDSON CORP COM	COM	655663102	4,224	19,898	SH		DFND	4	0	19,898	0
NORTHERN OIL AND GAS INC	COM	665531307	53,402	1,948,274	SH		SOLE		1,712,583	0	235,691
NORTHERN OIL AND GAS INC	COM	665531307	5,428	198,029	SH		DFND	4	0	198,029	0
NOVO-NORDISK A S ADR	COM	670100205	17	173	SH		SOLE		173	0	0
OP BANCORP	COM	67109R109	30	2,742	SH		SOLE		2,742	0	0
OPEN TEXT CORP	COM	683715106	2	60	SH		SOLE		60	0	0
OPPENHEIMER HLDGS CLASS A	COM	683797104	28	915	SH		SOLE		915	0	0
ORGANON & CO	COM	68622V106	1	60	SH		SOLE		60	0	0
OTIS WORLDWIDE	COM	68902V107	4,454	69,817	SH		SOLE		69,817	0	0
OTIS WORLDWIDE	COM	68902V107	2,807	43,999	SH		DFND	4	0	43,999	0
PATRICK INDUSTRIES	COM	703343103	24	545	SH		SOLE		545	0	0
PAYCHEX INC	COM	704326107	3	29	SH		SOLE		29	0	0
PEPSICO INC	COM	713448108	82	500	SH		SOLE		500	0	0
PERRIGO COMPANY	COM	G97822103	7,951	222,975	SH		SOLE		197,578	0	25,397
PERRIGO COMPANY	COM	G97822103	1,095	30,698	SH		DFND	4	0	30,698	0
PFIZER INC	COM	717081103	218	4,983	SH		SOLE		4,983	0	0
PIONEER NATURAL RESOURCES CO	COM	723787107	7,082	32,705	SH		SOLE		32,705	0	0
PIONEER NATURAL RESOURCES CO	COM	723787107	4,279	19,760	SH		DFND	4	0	19,760	0
PLYMOUTH INDUSTRIAL REIT INC	COM	729640102	29	1,750	SH		SOLE		1,750	0	0
POOL CORP	COM	73278L105	12,899	40,537	SH		SOLE		40,537	0	0
POOL CORP	COM	73278L105	6,611	20,777	SH		DFND	4	0	20,777	0
POPULAR INC	COM	733174700	12,237	169,813	SH		SOLE		169,813	0	0
POPULAR INC	COM	733174700	4,847	67,268	SH		DFND	4	0	67,268	0
POWER INTEGRATIONS INC	COM	739276103	33,756	524,815	SH		SOLE		468,389	0	56,426
POWER INTEGRATIONS INC	COM	739276103	4,590	71,355	SH		DFND	4	0	71,355	0
PPG INDUSTRIES INC	COM	693506107	104	936	SH		SOLE		936	0	0
PREMIER FINL CORP	COM	74052F108	27	1,041	SH		SOLE		1,041	0	0
PROCTER & GAMBLE	COM	742718109	2	17	SH		SOLE		17	0	0
PROGRESS SOFTWARE	COM	743312100	18	434	SH		SOLE		434	0	0
PROSPERITY BANCSHARES INC	COM	743606105	12,585	188,734	SH		SOLE		188,734	0	0
PROSPERITY BANCSHARES INC	COM	743606105	5,030	75,437	SH		DFND	4	0	75,437	0
QUAKER CHEMICAL CORPORATION	COM	747316107	27,430	189,984	SH		SOLE		167,779	0	22,205
QUAKER CHEMICAL CORPORATION	COM	747316107	3,240	22,443	SH		DFND	4	0	22,443	0
QUEST DIAGNOSTICS	COM	74834L100	12,291	100,176	SH		SOLE		100,176	0	0
QUEST DIAGNOSTICS	COM	74834L100	4,800	39,119	SH		DFND	4	0	39,119	0
RAYMOND JAMES FINANCIAL INC	COM	754730109	5	49	SH		SOLE		49	0	0
RELIANCE STEEL & ALUMINUM	COM	759509102	16,676	95,616	SH		SOLE		95,616	0	0
RELIANCE STEEL & ALUMINUM	COM	759509102	7,286	41,773	SH		DFND	4	0	41,773	0
RESMED INC	COM	761152107	1,412	6,469	SH		SOLE		6,469	0	0
ROLLINS INC	COM	775711104	16	459	SH		SOLE		459	0	0
ROSS STORES INC	COM	778296103	359	4,264	SH		SOLE		4,264	0	0
RUTH'S HOSPITALITY GROUP	COM	783332109	27	1,626	SH		SOLE		1,626	0	0
S&P GLOBAL INC	COM	78409V104	3,405	11,152	SH		SOLE		11,152	0	0
S&P GLOBAL INC	COM	78409V104	2,031	6,653	SH		DFND	4	0	6,653	0
SANFILIPPO JOHN B	COM	800422107	28	373	SH		SOLE		373	0	0
SBA COMMUNICATIONS	COM	78410G104	3,069	10,783	SH		SOLE		10,783	0	0
SBA COMMUNICATIONS	COM	78410G104	2,719	9,551	SH		DFND	4	0	9,551	0
SERVICE CORP INTL	COM	817565104	3	52	SH		SOLE		52	0	0
SHENANDOAH TELECOMMUNICATIONS	COM	82312B106	25	1,442	SH		SOLE		1,442	0	0
SHERWIN-WILLIAMS	COM	824348106	4,504	21,999	SH		SOLE		21,999	0	0
SHERWIN-WILLIAMS	COM	824348106	3,237	15,808	SH		DFND	4	0	15,808	0
SHOE CARNIVAL INC	COM	824889109	22,684	1,058,029	SH		SOLE		882,121	0	175,908
SHUTTERSTOCK INC	COM	825690100	32,656	650,903	SH		SOLE		574,894	0	76,009
SHUTTERSTOCK INC	COM	825690100	3,934	78,410	SH		DFND	4	0	78,410	0
SINCLAIR BROADCAST GROUP	COM	829226109	25	1,394	SH		SOLE		1,394	0	0
SIRIUS XM HOLDINGS	COM	82968B103	177	30,975	SH		SOLE		30,975	0	0
SKYWORKS SOLUTIONS INC	COM	83088M102	2	21	SH		SOLE		21	0	0
SNAP-ON INC	COM	833034101	3	15	SH		SOLE		15	0	0
SONY GROUP CORP	COM	835699307	2	37	SH		SOLE		37	0	0
SOUTH PLAINS FINL INC	COM	83946P107	27	997	SH		SOLE		997	0	0
SOUTHERN MISS BANCO	COM	843380106	29	578	SH		SOLE		578	0	0
SS&C TECHNOLOGIES HOLDINGS	COM	78467J100	837	17,524	SH		SOLE		17,524	0	0
STANDEX INTL CORP	COM	854231107	39,228	480,442	SH		SOLE		419,818	0	60,624
STANDEX INTL CORP	COM	854231107	4,135	50,644	SH		DFND	4	0	50,644	0
STARBUCKS CORP	COM	855244109	3,387	40,202	SH		SOLE		40,202	0	0
STARBUCKS CORP	COM	855244109	1,865	22,131	SH		DFND	4	0	22,131	0
STEPAN CO	COM	858586100	11	120	SH		SOLE		120	0	0
STERIS PLC	COM	G8473T100	16,805	101,067	SH		SOLE		101,067	0	0
STERIS PLC	COM	G8473T100	8,345	50,188	SH		DFND	4	0	50,188	0
STEVANATO GROUP SPA	COM	T9224W109	23,939	1,413,157	SH		SOLE		1,176,122	0	237,035
STRYKER CORP	COM	863667101	3,465	17,109	SH		SOLE		17,109	0	0
SYNCHRONY FINL	COM	87165b103	74	2,628	SH		SOLE		2,628	0	0
T ROWE PRICE GROUP INC	COM	74144T108	2	20	SH		SOLE		20	0	0
TERRENO REALTY CORP	COM	88146M101	31,215	589,070	SH		SOLE		522,133	0	66,937
TERRENO REALTY CORP	COM	88146M101	4,341	81,912	SH		DFND	4	0	81,912	0
TETRA TECH INC	COM	88162G103	41,688	324,342	SH		SOLE		287,492	0	36,850
TETRA TECH INC	COM	88162G103	5,154	40,101	SH		DFND	4	0	40,101	0
TEXAS INSTRUMENTS	COM	882508104	1,119	7,228	SH		SOLE		7,228	0	0
THE BANK OF PRINCETON	COM	064520109	33	1,172	SH		SOLE		1,172	0	0
THERMO FISHER SCIENTIFIC INC	COM	883556102	3	6	SH		SOLE		6	0	0
TJX COMPANIES INC	COM	872540109	985	15,856	SH		SOLE		15,856	0	0
TORONTO DOMINION BANK F	COM	891160509	3	51	SH		SOLE		51	0	0
TRACTOR SUPPLY COMPANY	COM	892356106	194	1,046	SH		SOLE		1,046	0	0
TRAVEL & LEISURE CO	COM	894164102	36,148	1,059,437	SH		SOLE		936,558	0	122,879
TRAVEL & LEISURE CO	COM	894164102	4,498	131,816	SH		DFND	4	0	131,816	0
TRUIST FINANCIAL CORP	COM	89832Q109	772	17,724	SH		SOLE		17,724	0	0
TTEC HOLDINGS INC	COM	89854H102	22,522	508,275	SH		SOLE		457,110	0	51,165
TTEC HOLDINGS INC	COM	89854H102	3,101	69,982	SH		DFND	4	0	69,982	0
TURNING PT BRANDS	COM	90041L105	24	1,125	SH		SOLE		1,125	0	0
U.S. PHYSICAL THERAPY INC	COM	90337L108	34,017	447,471	SH		SOLE		390,916	0	56,555
U.S. PHYSICAL THERAPY INC	COM	90337L108	2,774	36,493	SH		DFND	4	0	36,493	0
UBS GROUP AG	COM	H42097107	3	214	SH		SOLE		214	0	0
UFP INDUSTRIES INC	COM	90278Q108	31,880	441,793	SH		SOLE		390,213	0	51,580
UFP INDUSTRIES INC	COM	90278Q108	3,901	54,063	SH		DFND	4	0	54,063	0
UMH PROPERTIES	COM	903002103	25,997	1,609,693	SH		SOLE		1,349,418	0	260,275
UNIFIRST CORP/MA	COM	904708104	29,723	176,683	SH		SOLE		156,625	0	20,058
UNIFIRST CORP/MA	COM	904708104	3,858	22,934	SH		DFND	4	0	22,934	0
UNILEVER PLC	COM	904767704	3	68	SH		SOLE		68	0	0
UNION PACIFIC CORP	COM	907818108	5,090	26,128	SH		SOLE		26,128	0	0
UNION PACIFIC CORP	COM	907818108	2,849	14,623	SH		DFND	4	0	14,623	0
UNITEDHEALTH GROUP INC	COM	91324P102	9,361	18,535	SH		SOLE		18,535	0	0
UNITEDHEALTH GROUP INC	COM	91324P102	5,622	11,132	SH		DFND	4	0	11,132	0
UNIVERSAL DISPLAY	COM	91347P105	31,577	334,681	SH		SOLE		296,309	0	38,372
UNIVERSAL DISPLAY	COM	91347P105	3,615	38,311	SH		DFND	4	0	38,311	0
UTAH MEDICAL PRODUCT	COM	917488108	32	378	SH		SOLE		378	0	0
UTZ BRANDS INC	COM	918090101	29,069	1,925,132	SH		SOLE		1,609,969	0	315,163
VERISK ANALYTICS	COM	92345Y106	176	1,030	SH		SOLE		1,030	0	0
VIATRIS INC	COM	92556V106	5	617	SH		SOLE		617	0	0
VISA INC	COM	92826C839	6,040	33,999	SH		SOLE		33,999	0	0
VISA INC	COM	92826C839	3,850	21,670	SH		DFND	4	0	21,670	0
WARNER BROS DISCOVERY INC	COM	934423104	2	196	SH		SOLE		196	0	0
WASTE CONNECTIONS INC	COM	94106B101	7,281	53,885	SH		SOLE		53,885	0	0
WASTE CONNECTIONS INC	COM	94106B101	4,522	33,461	SH		DFND	4	0	33,461	0
WASTE MANAGEMENT INC	COM	94106L109	3	21	SH		SOLE		21	0	0
WEC ENERGY GROUP	COM	92939U106	17	189	SH		SOLE		189	0	0
WEST PHARMACEUTICAL SERVICES	COM	955306105	115	468	SH		SOLE		468	0	0
WILLIS TOWERS WATSON PLC	COM	G96629103	198	984	SH		SOLE		984	0	0
WINGSTOP INC	COM	974155103	43,668	348,174	SH		SOLE		309,395	0	38,779
WINGSTOP INC	COM	974155103	5,840	46,563	SH		DFND	4	0	46,563	0
WINMARK CORP	COM	974250102	30	139	SH		SOLE		139	0	0
WR BERKLEY CORP	COM	084423102	3	46	SH		SOLE		46	0	0
ZOETIS INC	COM	98978V103	4,653	31,375	SH		SOLE		31,375	0	0
ZOETIS INC	COM	98978V103	2,793	18,838	SH		DFND	4	0	18,838	0
VANGUARD S&P 500 ETF	COM	922908363	79	240	SH		SOLE		240	0	0

Copeland Capital Management 13F-HRQuarterly holdings report by institutional manager