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
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 CO COM 88579Y101 81,906 600 SH   SOLE   600 0 0
AALBERTS INDUSTRIES NV COM 00B1W8P14 357,355 15,050 SH   SOLE   1,550 0 13,500
ABB LTD-REG COM 007108899 819,537 46,630 SH   SOLE   4,740 0 41,890
ABBOTT LABS COM 002824100 1,787,312 22,650 SH   SOLE   16,750 0 5,900
ABBVIE INC. COM 00287Y109 110,476 1,450 SH   SOLE   1,450 0 0
ACCOR SA COM 005852842 325,060 11,850 SH   SOLE   1,200 0 10,650
ADOBE SYS INC. COM 00724F101 190,944 600 SH   SOLE   600 0 0
AEON MALL CO LTD COM 006534202 853,493 67,600 SH   SOLE   9,000 0 58,600
AES CORP COM 00130H105 800,360 58,850 SH   SOLE   42,450 0 16,400
AGNC INVESTMENT CORP COM 00123Q104 369,242 34,900 SH   SOLE   25,200 0 9,700
AIR PROD & CHEM. COM 009158106 928,187 4,650 SH   SOLE   3,450 0 1,200
AIRBUS SE COM 004012250 335,321 5,150 SH   SOLE   500 0 4,650
ALLIANT ENERGY CORP COM 018802108 86,922 1,800 SH   SOLE   1,800 0 0
ALLIANZ SE-REG COM 005231485 1,110,626 6,452 SH   SOLE   650 0 5,802
ALLSTATE CORP. COM 020002101 82,557 900 SH   SOLE   900 0 0
ALLY FINANCIAL INC COM 02005N100 476,479 33,020 SH   SOLE   23,820 0 9,200
ALPHABET INC. CL A COM 02079K305 1,347,862 1,160 SH   SOLE   860 0 300
ALPHABET INC. CL C COM 02079K107 1,139,554 980 SH   SOLE   730 0 250
ALTRIA GROUP COM 02209S103 873,942 22,600 SH   SOLE   16,950 0 5,650
AMAZON COM COM 023135106 565,419 290 SH   SOLE   290 0 0
AMER EXPRESS CO. COM 025816109 68,488 800 SH   SOLE   800 0 0
AMER. ELEC. PWR COM 025537101 863,784 10,800 SH   SOLE   7,800 0 3,000
AMERICAN TOWER CORP. COM 03027X100 1,093,105 5,020 SH   SOLE   3,720 0 1,300
AMERIPRISE FINANCIAL COM 03076C106 677,393 6,610 SH   SOLE   4,810 0 1,800
AMGEN INC. COM 031162100 162,184 800 SH   SOLE   800 0 0
ANHEUSER-BUSCH INBEV NV COM 00BYYHL23 337,484 7,600 SH   SOLE   750 0 6,850
ANSYS INC COM 03662Q105 92,988 400 SH   SOLE   400 0 0
ANTHEM INC. COM 036752103 771,936 3,400 SH   SOLE   2,500 0 900
AON CORP ADR G0408V102 887,915 5,380 SH   SOLE   530 0 4,850
APPLE INC. COM 037833100 801,014 3,150 SH   SOLE   3,150 0 0
APPLIED INDL TECH COM 03820C105 96,012 2,100 SH   SOLE   2,100 0 0
APPLIED MATLS INC. COM 038222105 89,349 1,950 SH   SOLE   1,950 0 0
APTIV PLC ADR G6095L109 389,488 7,910 SH   SOLE   810 0 7,100
ARCH CAPITAL GP LTD. ADR G0450A105 891,367 31,320 SH   SOLE   3,170 0 28,150
ARES CAP CORP COM 04010L103 646,207 59,945 SH   SOLE   43,445 0 16,500
ASAHI GROUP HOLDINGS LTD COM 006054409 650,271 20,000 SH   SOLE   2,000 0 18,000
ASML HOLDING NV COM 00B929F46 1,157,223 4,350 SH   SOLE   450 0 3,900
ASSICURAZIONI GENERALI COM 004056719 496,335 36,450 SH   SOLE   3,700 0 32,750
AT&T INC. COM 00206R102 3,052,005 104,700 SH   SOLE   77,100 0 27,600
ATLAS COPCO AB-A SHS COM 00BD97BN2 625,155 18,550 SH   SOLE   0 0 18,550
AUTO DATA PROCESS COM 053015103 82,008 600 SH   SOLE   600 0 0
AUTOZONE INC COM 053332102 76,140 90 SH   SOLE   90 0 0
B3 SA-BRASIL BOLSA BALCAO COM 00BG36ZK1 495,246 71,550 SH   SOLE   7,250 0 64,300
BAIDU COM INC ADR 056752108 302,370 3,000 SH   SOLE   300 0 2,700
BAKER HUGHES A GE COM 05722G100 249,375 23,750 SH   SOLE   18,950 0 4,800
BANDAI NAMCO HOLDINGS INC COM 00B0JDQD4 543,738 11,200 SH   SOLE   1,000 0 10,200
BANK OF AMERICA COM 060505104 2,710,010 127,650 SH   SOLE   93,650 0 34,000
BARNES GROUP COM 067806109 131,765 3,150 SH   SOLE   3,150 0 0
BAXTER INTL INC. COM 071813109 970,221 11,950 SH   SOLE   8,650 0 3,300
BAYER AG-REG COM 005069211 428,892 7,396 SH   SOLE   760 0 6,636
BEAZER HOMES USA COM 07556Q881 5,345 830 SH   SOLE   830 0 0
BECTON DICKINSON & CO COM 075887109 1,534,864 6,680 SH   SOLE   6,680 0 0
BEIERSDORF AG COM 005107401 983,928 9,688 SH   SOLE   1,010 0 8,678
BERKSHIRE HATH. B COM 084670702 3,784,581 20,700 SH   SOLE   15,300 0 5,400
BERKSHIRE HATHAWAY A COM 084670108 2,176,000 8 SH   SOLE   6 0 2
BIO-TECHNE CORP COM 09073M104 85,329 450 SH   SOLE   450 0 0
BLACK HILLS CORP COM 092113109 768,360 12,000 SH   SOLE   8,700 0 3,300
BNP PARIBAS COM 007309681 351,659 11,650 SH   SOLE   1,200 0 10,450
BOEING CO. COM 097023105 450,403 3,020 SH   SOLE   2,320 0 700
BREMBO SPA COM 00BF37983 642,319 86,150 SH   SOLE   11,450 0 74,700
BRISTOL MYERS SQUIBB COM 110122108 1,300,972 23,340 SH   SOLE   17,340 0 6,000
BROADCOM INC. COM 11135F101 924,690 3,900 SH   SOLE   2,900 0 1,000
BURBERRY GROUP PLC COM 003174300 378,553 23,050 SH   SOLE   2,350 0 20,700
BYLINE BANCORP INC COM 124411109 55,998 5,400 SH   SOLE   5,400 0 0
CABLE ONE INC. COM 12685J105 1,364,528 830 SH   SOLE   630 0 200
CALBEE INC COM 00B3TBRZ8 432,921 16,000 SH   SOLE   2,000 0 14,000
CANADIAN NATL RAILWAY CO COM 002180632 510,976 6,610 SH   SOLE   660 0 5,950
CANADIAN PACIFIC RAILWAY COM 002793115 591,274 2,710 SH   SOLE   260 0 2,450
CAPITAL ONE FINL COM 14040H105 52,941 1,050 SH   SOLE   1,050 0 0
CARLSBERG AS-B COM 004169219 629,577 5,562 SH   SOLE   570 0 4,992
CATERPILLAR TRACTOR COM 149123101 87,030 750 SH   SOLE   750 0 0
CCL INDUSTRIES, CL B COM 002159795 768,107 25,550 SH   SOLE   2,600 0 22,950
CELANESE CORP COM 150870103 55,043 750 SH   SOLE   750 0 0
CHARTER PLC COM 16119P108 1,199,853 2,750 SH   SOLE   2,050 0 700
CHEVRON CORP COM 166764100 1,644,842 22,700 SH   SOLE   16,600 0 6,100
CIE FINANCIERE RICHEMONT- COM 00BCRWZ18 745,818 13,600 SH   SOLE   0 0 13,600
CIGNA CORP. COM 125523100 1,089,657 6,150 SH   SOLE   4,450 0 1,700
CINTAS CORP COM 172908105 60,627 350 SH   SOLE   350 0 0
CISCO SYSTEMS COM 17275R102 2,484,392 63,200 SH   SOLE   46,600 0 16,600
CITIGROUP INC. COM 172967424 1,903,824 45,200 SH   SOLE   33,200 0 12,000
CITIZENS FINANCIAL GROUP COM 174610105 659,855 35,080 SH   SOLE   25,330 0 9,750
CME GROUP COM 12572Q105 847,259 4,900 SH   SOLE   3,500 0 1,400
CMS ENERGY CORP. COM 125896100 88,125 1,500 SH   SOLE   1,500 0 0
COCA COLA COMPANY COM 191216100 92,925 2,100 SH   SOLE   2,100 0 0
COGNIZANT TECH. COM 192446102 706,344 15,200 SH   SOLE   10,900 0 4,300
COLGATE PALMOLIVE COM 194162103 132,720 2,000 SH   SOLE   2,000 0 0
COMCAST CORP-Cl A COM 20030N101 1,344,946 39,120 SH   SOLE   39,120 0 0
COMERICA INC COM 200340107 44,010 1,500 SH   SOLE   1,500 0 0
COMPASS GROUP PLC COM 00BD6K457 1,204,891 76,877 SH   SOLE   7,790 0 69,087
CONOCOPHILLIPS COM 20825C104 549,780 17,850 SH   SOLE   13,350 0 4,500
CORNING INC COM 219350105 919,165 44,750 SH   SOLE   33,150 0 11,600
COSTCO WHOLESALE COM 22160K105 1,197,546 4,200 SH   SOLE   3,200 0 1,000
CREDIT SAISON CO LTD COM 006591809 481,667 41,400 SH   SOLE   4,000 0 37,400
CROWN CASTLE INTL COM 22822V101 1,581,180 10,950 SH   SOLE   7,850 0 3,100
CSG SYS INTL COM 126349109 81,608 1,950 SH   SOLE   1,950 0 0
CSX CORP. COM 126408103 719,115 12,550 SH   SOLE   9,050 0 3,500
CUMMINS INC COM 231021106 987,836 7,300 SH   SOLE   5,300 0 2,000
CVS CAREMARK CORP COM 126650100 1,750,235 29,500 SH   SOLE   20,500 0 9,000
CYBERAGENT INC COM 006220501 465,750 12,000 SH   SOLE   1,000 0 11,000
DAIKIN INDUSTRIES LTD COM 006250724 731,972 6,000 SH   SOLE   0 0 6,000
DANAHER CORP COM 235851102 1,266,452 9,150 SH   SOLE   6,850 0 2,300
DELTA AIR LINES COM 247361702 498,704 17,480 SH   SOLE   12,580 0 4,900
DENSO CORP COM 006640381 371,882 11,500 SH   SOLE   1,000 0 10,500
DEUTSCHE BOERSE AG COM 007021963 2,449,612 17,860 SH   SOLE   1,810 0 16,050
DEUTSCHE POST AG-REG COM 004617859 1,129,511 41,550 SH   SOLE   5,100 0 36,450
DIAGEO PLC COM 000237400 458,139 14,285 SH   SOLE   1,430 0 12,855
DIGITAL REALTY TRUST INC COM 253868103 3,002,123 21,612 SH   SOLE   10,209 0 11,403
DISCOVER FINCL SERVICES COM 254709108 448,372 12,570 SH   SOLE   9,070 0 3,500
DISNEY WALT PRODTNS COM 254687106 903,210 9,350 SH   SOLE   7,150 0 2,200
DOLLARAMA INC COM 00B4TP9G2 556,793 20,300 SH   SOLE   2,050 0 18,250
DOMINION RESOURCES COM 25746U109 887,937 12,300 SH   SOLE   8,900 0 3,400
DOMTAR CORP COM 257559203 61,674 2,850 SH   SOLE   2,850 0 0
DONEGAL GROUP INC. CL A COM 257701201 100,320 6,600 SH   SOLE   6,600 0 0
DOW INC. COM 260557103 417,606 14,282 SH   SOLE   14,282 0 0
EASTMAN CHEM CO COM 277432100 109,463 2,350 SH   SOLE   2,350 0 0
EATON VANCE COM 278265103 67,725 2,100 SH   SOLE   2,100 0 0
ELI LILLY & CO. COM 532457108 1,222,123 8,810 SH   SOLE   6,310 0 2,500
EMPIRE STATE REALTY TRUST COM 292104106 73,920 8,250 SH   SOLE   8,250 0 0
ENCOMPASS HEALTH CORP COM 29261A100 96,045 1,500 SH   SOLE   1,500 0 0
ENTERGY CORP. COM 29364G103 1,558,962 16,590 SH   SOLE   11,990 0 4,600
EOG RESOURCES INC. COM 26875P101 68,248 1,900 SH   SOLE   1,900 0 0
EQUINIX INC COM 29444U700 1,255,386 2,010 SH   SOLE   1,510 0 500
EXELON CORP. COM 30161N101 1,122,705 30,500 SH   SOLE   22,000 0 8,500
EXPERIAN PLC COM 00B19NLV4 725,693 26,000 SH   SOLE   2,650 0 23,350
EXXON MOBIL CORP. COM 30231G102 2,010,512 52,950 SH   SOLE   38,950 0 14,000
FACEBOOK INC. COM 30303M102 300,240 1,800 SH   SOLE   1,800 0 0
FACTSET RESH SYS COM 303075105 117,306 450 SH   SOLE   450 0 0
FAMILYMART UNY HOLDINGS C COM 006331276 283,640 15,800 SH   SOLE   2,000 0 13,800
FANUC CORP COM 006356934 604,092 4,450 SH   SOLE   100 0 4,350
FIDELITY NAT'L INFO SVCS COM 31620M106 91,230 750 SH   SOLE   750 0 0
FIFTH THIRD BANCORP COM 316773100 657,261 44,260 SH   SOLE   31,960 0 12,300
FINECOBANK SPA COM 00BNGN9Z1 528,490 58,100 SH   SOLE   8,600 0 49,500
FIRST MERCHANTS CORP COM 320817109 68,874 2,600 SH   SOLE   2,600 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 855,712 10,400 SH   SOLE   7,500 0 2,900
FLIR SYS INC COM 302445101 58,997 1,850 SH   SOLE   1,850 0 0
FOMENTO ECONOMICO MEX-SP ADR 344419106 343,092 5,670 SH   SOLE   570 0 5,100
FORD MOTOR CO. COM 345370860 474,789 98,300 SH   SOLE   70,900 0 27,400
GALLAGHER ARTHUR CO. COM 363576109 1,162,333 14,260 SH   SOLE   10,260 0 4,000
GEBERIT AG-REG COM 00B1WGG93 574,135 1,304 SH   SOLE   150 0 1,154
GENERAL ELECTRIC CO. COM 369604103 343,008 43,200 SH   SOLE   43,200 0 0
GENERAL MTRS CO COM 37045V100 550,670 26,500 SH   SOLE   19,100 0 7,400
GENMAB A/S COM 004595739 597,305 2,950 SH   SOLE   300 0 2,650
GILEAD SCIENCES INC. COM 375558103 1,615,564 21,610 SH   SOLE   16,010 0 5,600
GLAXOSMITHKLINE PLC COM 000925288 517,397 27,550 SH   SOLE   2,800 0 24,750
GLOBE LIFE INC COM 37959E102 75,569 1,050 SH   SOLE   1,050 0 0
GOLDMAN SACHS GROUP COM 38141G104 942,999 6,100 SH   SOLE   4,500 0 1,600
GROUPE BRUXELLES LAMBERT COM 007097328 1,820,659 23,168 SH   SOLE   2,360 0 20,808
HALMA PLC COM 000405207 988,507 41,500 SH   SOLE   4,200 0 37,300
HARTFORD FINCL. SRV COM 416515104 56,384 1,600 SH   SOLE   1,600 0 0
HCA INC. COM 40412C101 673,875 7,500 SH   SOLE   5,400 0 2,100
HEALTHCARE REALTY COM 421946104 79,601 2,850 SH   SOLE   2,850 0 0
HEINEKEN NV COM 007792559 683,993 8,185 SH   SOLE   820 0 7,365
HENKEL AG & CO KGAA VORZU COM 005076705 451,070 5,616 SH   SOLE   560 0 5,056
HERMES INTERNATIONAL COM 005253973 629,925 913 SH   SOLE   100 0 813
HESS CORP. COM 42809H107 527,139 15,830 SH   SOLE   11,430 0 4,400
HEXAGON AB-B SHS COM 00B1XFTL2 725,889 16,962 SH   SOLE   1,730 0 15,232
HIKARI TSUSHIN INC COM 006416322 503,821 3,000 SH   SOLE   0 0 3,000
HOME DEPOT INC. COM 437076102 1,015,702 5,440 SH   SOLE   4,140 0 1,300
HONEYWELL INT'L COM 438516106 133,790 1,000 SH   SOLE   1,000 0 0
HOYA CORP COM 006441506 673,243 7,900 SH   SOLE   1,000 0 6,900
HP INC COM 40434L105 820,260 47,250 SH   SOLE   34,050 0 13,200
HSBC HOLDINGS PLC COM 000540528 363,295 64,500 SH   SOLE   6,550 0 57,950
IMPERIAL OIL LTD COM 002454241 219,533 19,640 SH   SOLE   2,140 0 17,500
INFINEON TECHNOLOGIES AG COM 005889505 401,558 27,250 SH   SOLE   2,750 0 24,500
ING GROEP NV-CVA COM 00BZ57390 863,837 164,650 SH   SOLE   19,410 0 145,240
INT'L BUSINESS MACH. COM 459200101 83,198 750 SH   SOLE   750 0 0
INT'L PAPER CO. COM 460146103 775,137 24,900 SH   SOLE   18,000 0 6,900
INTEL CORP. COM 458140100 3,452,856 63,800 SH   SOLE   46,900 0 16,900
INTUIT COM 461202103 103,500 450 SH   SOLE   450 0 0
INTUITIVE SURGICAL INC COM 46120E602 99,042 200 SH   SOLE   200 0 0
INVESTOR AB-B SHS COM 005679591 1,117,271 24,217 SH   SOLE   3,100 0 21,117
JAPAN TOBACCO INC COM 006474535 358,690 19,400 SH   SOLE   0 0 19,400
JEFFERIES FINANCIAL GP COM 47233W109 790,126 57,800 SH   SOLE   43,100 0 14,700
JOHNSON & JOHNSON COM 478160104 3,592,962 27,400 SH   SOLE   20,200 0 7,200
JPMORGAN CHASE & CO COM 46625H100 3,650,717 40,550 SH   SOLE   29,750 0 10,800
KAO CORP COM 006483809 981,520 12,000 SH   SOLE   2,000 0 10,000
KDDI CORP COM 006248990 626,446 21,200 SH   SOLE   2,000 0 19,200
KELLOGG CO COM 487836108 1,506,349 25,110 SH   SOLE   17,110 0 8,000
KEYCORP COM 493267108 596,794 57,550 SH   SOLE   41,550 0 16,000
KIMBERLY CLARK CORP. COM 494368103 1,080,502 8,450 SH   SOLE   6,100 0 2,350
KINDER MORGAN INC COM 49456B101 643,104 46,200 SH   SOLE   33,300 0 12,900
KOMATSU LTD COM 006496584 594,728 36,100 SH   SOLE   3,900 0 32,200
KONINKLIJKE DSM NV COM 00B0HZL93 624,610 5,500 SH   SOLE   0 0 5,500
KONINKLIJKE PHILIPS NV COM 005986622 868,832 21,450 SH   SOLE   0 0 21,450
KROGER CO. COM 501044101 1,939,728 64,400 SH   SOLE   46,100 0 18,300
KUEHNE & NAGEL INTL AG-RE COM 00B142S60 537,551 3,915 SH   SOLE   410 0 3,505
L3HARRIS TECHNOLOGIES INC COM 502431109 81,054 450 SH   SOLE   450 0 0
LABORATORY AMER H COM 50540R409 82,154 650 SH   SOLE   650 0 0
LAFARGEHOLCIM LTD-REG COM 007110753 548,189 15,000 SH   SOLE   2,150 0 12,850
LAUDER ESTEE COS. COM 518439104 862,029 5,410 SH   SOLE   3,910 0 1,500
LEAR CORP. COM 521865204 564,688 6,950 SH   SOLE   4,950 0 2,000
LEGRAND SA COM 00B11ZRK9 571,345 8,904 SH   SOLE   910 0 7,994
LENNAR CORP. COM 526057104 725,800 19,000 SH   SOLE   13,700 0 5,300
LOCKHEED MARTIN COM 539830109 1,040,577 3,070 SH   SOLE   2,320 0 750
LONDON STOCK EXCHANGE GP COM 00B0SWJX3 880,117 9,750 SH   SOLE   1,000 0 8,750
LVMH MOET HENNESSY LOUIS COM 004061412 612,751 1,650 SH   SOLE   150 0 1,500
MARATHON PETROLEUM CORP COM 56585A102 494,839 20,950 SH   SOLE   15,650 0 5,300
MARSH & MCLENNON COM 571748102 1,030,603 11,920 SH   SOLE   8,620 0 3,300
MASCO CORP. COM 574599106 114,081 3,300 SH   SOLE   3,300 0 0
MASTERCARD INC. COM 57636Q104 217,404 900 SH   SOLE   900 0 0
MATTHEWS INTL CORP COM 577128101 61,685 2,550 SH   SOLE   2,550 0 0
MAXIM INTERGRATED COM 57772K101 816,648 16,800 SH   SOLE   12,100 0 4,700
MCDONALDS CORP. COM 580135101 2,462,062 14,890 SH   SOLE   10,890 0 4,000
MCKESSON CORP COM 58155Q103 500,462 3,700 SH   SOLE   3,700 0 0
MEDIOBANCA SPA COM 004574813 334,605 60,650 SH   SOLE   6,150 0 54,500
MEDTRONIC INC. ADR G5960L103 1,380,656 15,310 SH   SOLE   1,560 0 13,750
MERCK & CO. INC. COM 58933Y105 2,712,135 35,250 SH   SOLE   25,950 0 9,300
MERIDIAN BANCORP INC. COM 58958U103 57,222 5,100 SH   SOLE   5,100 0 0
METLIFE INC COM 59156R108 959,287 31,380 SH   SOLE   22,580 0 8,800
MICROSOFT CORP. COM 594918104 2,619,563 16,610 SH   SOLE   13,360 0 3,250
MIDSOUTH BANKCORP COM 620076307 770,936 5,800 SH   SOLE   4,200 0 1,600
MONDELEZ INTERNATIONAL CL COM 609207105 981,568 19,600 SH   SOLE   14,700 0 4,900
MOODYS CORP COM 615369105 1,142,100 5,400 SH   SOLE   4,000 0 1,400
MORGAN STANLEY COM 617446448 768,400 22,600 SH   SOLE   16,300 0 6,300
MTU AERO ENGINES AG COM 00B09DHL9 799,191 5,462 SH   SOLE   560 0 4,902
NEENAH PAPER INC COM 640079109 681,454 15,800 SH   SOLE   11,400 0 4,400
NEMETSCHEK SE COM 005633962 668,243 13,450 SH   SOLE   1,350 0 12,100
NESTLE SA-REG COM 007123870 2,190,870 21,315 SH   SOLE   2,170 0 19,145
NETFLIX COM INC COM 64110L106 150,200 400 SH   SOLE   400 0 0
NEWMONT CORP COM 651639106 1,150,112 25,400 SH   SOLE   18,300 0 7,100
NEXTERA ENERGY INC COM 65339F101 1,215,131 5,050 SH   SOLE   3,750 0 1,300
NIDEC CORP COM 006640682 623,260 12,000 SH   SOLE   2,000 0 10,000
NIKE INC B COM 654106103 99,288 1,200 SH   SOLE   1,200 0 0
NITTO DENKO CORP COM 006641801 446,945 10,000 SH   SOLE   1,000 0 9,000
NOBLE ENERGY INC COM 655044105 278,625 46,130 SH   SOLE   33,280 0 12,850
NORFOLK SOUTHERN CORP COM 655844108 730,000 5,000 SH   SOLE   3,600 0 1,400
NORTHROP GRUMMAN COM 666807102 907,650 3,000 SH   SOLE   2,200 0 800
NORTHWEST NATURAL HLDG COM 66765N105 83,363 1,350 SH   SOLE   1,350 0 0
NORTHWESTERN CORP COM 668074305 801,722 13,400 SH   SOLE   9,700 0 3,700
NOVARTIS AG-REG COM 007103065 1,568,033 19,000 SH   SOLE   2,300 0 16,700
NOVOZYMES A/S-B SHARES COM 00B798FW0 1,020,797 22,445 SH   SOLE   2,270 0 20,175
NTT DOCOMO INC COM 006129277 691,322 22,100 SH   SOLE   2,000 0 20,100
NUCOR CORP COM 670346105 70,239 1,950 SH   SOLE   1,950 0 0
NVIDIA CORP COM 67066G104 158,160 600 SH   SOLE   600 0 0
NXP SEMICONDUCTORS NV COM N6596X109 547,338 6,600 SH   SOLE   650 0 5,950
OCCIDENTAL PETRO. COM 674599105 347,979 30,050 SH   SOLE   22,550 0 7,500
OIL STS INTL COM 678026105 116,928 57,600 SH   SOLE   41,600 0 16,000
OLD DOMINION FGHT LINE COM 679580100 108,290 825 SH   SOLE   825 0 0
ONO PHARMACEUTICAL CO LTD COM 006660107 582,611 25,300 SH   SOLE   3,500 0 21,800
ORACLE SYSTEMS COM 68389X105 1,280,745 26,500 SH   SOLE   19,700 0 6,800
PARGESA HOLDING SA-BR COM 00B0CDLF8 946,122 14,270 SH   SOLE   1,430 0 12,840
PARKER HANNIFIN COM 701094104 745,948 5,750 SH   SOLE   4,150 0 1,600
PARTNERS GROUP HOLDING AG COM 00B119QG0 866,456 1,252 SH   SOLE   0 0 1,252
PAYPAL HOLDINGS INC COM 70450Y103 129,249 1,350 SH   SOLE   1,350 0 0
PEOPLES UNITED FINCL COM 712704105 731,510 66,200 SH   SOLE   49,500 0 16,700
PEPSICO INC. COM 713448108 981,217 8,170 SH   SOLE   6,170 0 2,000
PERNOD RICARD SA COM 004682329 890,727 6,271 SH   SOLE   720 0 5,551
PETROBRAS - PETROLEO BRAS COM 002683410 229,004 84,900 SH   SOLE   8,600 0 76,300
PFIZER INC. COM 717081103 2,510,016 76,900 SH   SOLE   57,000 0 19,900
PHILIP MORRIS INT'L COM 718172109 1,116,288 15,300 SH   SOLE   11,000 0 4,300
PNC FINCL SVCS COM 693475105 1,775,606 18,550 SH   SOLE   13,450 0 5,100
PORTLAND GENERAL ELECTRIC COM 736508847 1,023,998 21,360 SH   SOLE   15,860 0 5,500
PPG INDUSTRIES COM 693506107 690,536 8,260 SH   SOLE   5,960 0 2,300
PRAIRIESKY ROYALTY LTD COM 00BN320L4 203,844 39,050 SH   SOLE   3,950 0 35,100
PROCTOR & GAMBLE COM 742718109 3,575,000 32,500 SH   SOLE   24,000 0 8,500
PROLOGIS TR COM 74340W103 1,080,977 13,450 SH   SOLE   10,050 0 3,400
PRUDENTIAL FINL INC COM 744320102 800,349 15,350 SH   SOLE   11,050 0 4,300
PUBLIC STORAGE INC COM 74460D109 796,426 4,010 SH   SOLE   2,910 0 1,100
PUBLIC SVC ENTER. COM 744573106 1,122,750 25,000 SH   SOLE   18,000 0 7,000
QUALCOMM INC. COM 747525103 1,204,170 17,800 SH   SOLE   12,900 0 4,900
QUEST DIAGNOSTICS COM 74834L100 68,255 850 SH   SOLE   850 0 0
RECKITT BENCKISER GROUP P COM 00B24CGK7 1,028,782 13,491 SH   SOLE   1,500 0 11,991
RECRUIT HOLDINGS CO LTD COM 00BQRRZ00 1,067,067 41,200 SH   SOLE   4,000 0 37,200
REGIONS FINANCIAL CORP COM 7591EP100 605,565 67,510 SH   SOLE   48,710 0 18,800
RELIANCE STEEL & ALUM COM 759509102 945,972 10,800 SH   SOLE   7,800 0 3,000
RENTOKIL INITIAL PLC COM 00B082RF1 954,733 198,550 SH   SOLE   20,150 0 178,400
REXFORD INDUSTRIAL REALTY COM 76169C100 92,273 2,250 SH   SOLE   2,250 0 0
ROCHE HOLDING AG-GENUSSCH COM 007110388 1,033,147 3,183 SH   SOLE   370 0 2,813
ROCKWELL INT'L COM 773903109 905,460 6,000 SH   SOLE   4,300 0 1,700
ROYAL BANK OF CANADA COM 002754383 451,972 7,380 SH   SOLE   730 0 6,650
SAFETY INS GROUP COM 78648T100 75,987 900 SH   SOLE   900 0 0
SAFRAN SA COM 00B058TZ6 382,511 4,350 SH   SOLE   650 0 3,700
SALESFORCE COM INC COM 79466L302 115,184 800 SH   SOLE   800 0 0
SANTEN PHARMACEUTICAL CO COM 006776606 1,154,850 67,100 SH   SOLE   9,100 0 58,000
SAP AG COM 004846288 1,295,703 11,487 SH   SOLE   1,170 0 10,317
SARTORIUS AG-VORZUG COM 005843329 1,584,759 6,500 SH   SOLE   650 0 5,850
SEMPRA ENERGY COM 816851109 779,631 6,900 SH   SOLE   5,000 0 1,900
SERVICENOW INC COM 81762P102 114,632 400 SH   SOLE   400 0 0
SHIMANO INC COM 006804820 429,068 3,000 SH   SOLE   0 0 3,000
SHIN-ETSU CHEMICAL CO LTD COM 006804585 725,571 7,300 SH   SOLE   900 0 6,400
SHISEIDO CO LTD COM 006805265 472,938 8,000 SH   SOLE   1,000 0 7,000
SHOPIFY INC. CL A COM 00BX865C7 1,429,156 3,450 SH   SOLE   350 0 3,100
SIMON PPTY GP COM 828806109 329,709 6,010 SH   SOLE   4,310 0 1,700
SMC CORP COM 006763965 423,788 1,000 SH   SOLE   0 0 1,000
SODEXO COM 007062713 397,556 5,878 SH   SOLE   900 0 4,978
SONOCO PRODS CO COM 835495102 76,478 1,650 SH   SOLE   1,650 0 0
SONOVA HOLDING AG-REG COM 007156036 540,747 3,000 SH   SOLE   300 0 2,700
SONY FINANCIAL HOLDINGS I COM 00B249SN5 788,645 46,600 SH   SOLE   5,200 0 41,400
SOUTHERN CO. COM 842587107 1,020,539 18,850 SH   SOLE   14,050 0 4,800
SPECTRUM BRANDS HDGS COM 84790A105 49,190 1,352 SH   SOLE   984 0 368
SPIRAX-SARCO ENGINEERING COM 00BWFGQN1 987,109 9,750 SH   SOLE   1,000 0 8,750
STAG INDUSTRIAL INC COM 85254J102 73,190 3,250 SH   SOLE   3,250 0 0
STANDARD CHARTERED PLC COM 000408284 364,452 65,932 SH   SOLE   6,700 0 59,232
STANLEY ELECTRIC CO LTD COM 006841106 347,582 17,600 SH   SOLE   1,900 0 15,700
STARBUCKS CORP COM 855244109 95,323 1,450 SH   SOLE   1,450 0 0
STRYKER CORP. COM 863667101 857,424 5,150 SH   SOLE   3,850 0 1,300
SUMITOMO METAL MINING CO COM 006858849 369,821 18,000 SH   SOLE   2,000 0 16,000
SUNCOR ENERGY INC COM 00B3NB1P2 282,614 17,910 SH   SOLE   1,810 0 16,100
SYMRISE AG COM 00B1JB4K8 629,547 6,750 SH   SOLE   700 0 6,050
SYNCHRONY FINANCIAL COM 87165B103 462,588 28,750 SH   SOLE   20,750 0 8,000
SYSCO COM 871829107 623,762 13,670 SH   SOLE   9,820 0 3,850
TARGET CORP. COM 87612E106 1,124,937 12,100 SH   SOLE   9,000 0 3,100
TE CONNECTIVITY LTD ADR H84989104 407,481 6,470 SH   SOLE   670 0 5,800
TELEFONICA BRASIL-ADR COM 87936R106 414,269 43,470 SH   SOLE   4,420 0 39,050
TERUMO CORP COM 006885074 613,367 17,800 SH   SOLE   2,000 0 15,800
TEXAS INSTRS INC. COM 882508104 1,065,254 10,660 SH   SOLE   7,960 0 2,700
THERMO FISHER SCIENTIFIC COM 883556102 1,452,032 5,120 SH   SOLE   3,620 0 1,500
TJX COMPANIES INC. COM 872540109 976,280 20,420 SH   SOLE   15,220 0 5,200
TOKYO ELECTRON LTD COM 006895675 961,609 5,100 SH   SOLE   900 0 4,200
TRAVELERS COMPANIES COM 89417E109 59,610 600 SH   SOLE   600 0 0
TRELLEBORG AB-B SHS COM 004902384 364,056 33,600 SH   SOLE   5,200 0 28,400
TWO HARBORS INVESTMENT CO COM 90187B408 291,656 76,550 SH   SOLE   55,150 0 21,400
TYSON FOOD CL A COM 902494103 700,227 12,100 SH   SOLE   8,700 0 3,400
UBS AG-REG COM 00BRJL176 765,247 81,850 SH   SOLE   8,300 0 73,550
UMICORE COM 00BF44466 440,338 12,600 SH   SOLE   1,300 0 11,300
UNION PACIFIC CORP. COM 907818108 923,812 6,550 SH   SOLE   4,950 0 1,600
UNITED HEALTHCARE COM 91324P102 1,159,617 4,650 SH   SOLE   3,550 0 1,100
UNITED OVERSEAS BANK LTD COM 006916781 382,484 28,000 SH   SOLE   2,850 0 25,150
UNITED PARCEL SERVICE COM 911312106 74,736 800 SH   SOLE   800 0 0
UNITED TECHNOLOGIES COM 913017109 792,372 8,400 SH   SOLE   6,300 0 2,100
UNUMPROVIDENT COM 91529Y106 454,353 30,270 SH   SOLE   21,820 0 8,450
V F CORP. COM 918204108 602,992 11,150 SH   SOLE   8,050 0 3,100
VALERO ENERGY NEW COM 91913Y100 545,227 12,020 SH   SOLE   8,620 0 3,400
VERISK ANALYTICS INC COM 92345Y106 90,597 650 SH   SOLE   650 0 0
VERIZON COMM. COM 92343V104 2,562,921 47,700 SH   SOLE   35,000 0 12,700
VIACOMCBS INC. B COM 92556H206 271,094 19,350 SH   SOLE   13,950 0 5,400
VISA INC COM 92826C839 1,580,587 9,810 SH   SOLE   7,510 0 2,300
VOYA FINANCIAL INC. COM 929089100 734,766 18,120 SH   SOLE   13,120 0 5,000
VULCAN MATLS COM 929160109 871,044 8,060 SH   SOLE   6,060 0 2,000
WAL MART STORES INC. COM 931142103 2,090,608 18,400 SH   SOLE   12,400 0 6,000
WASHINGTON REAL ESTATE COM 939653101 82,352 3,450 SH   SOLE   3,450 0 0
WASTE MGMT INC DEL. COM 94106L109 765,471 8,270 SH   SOLE   5,970 0 2,300
WATERS CORP. COM 941848103 81,923 450 SH   SOLE   450 0 0
WEC ENERGY GP COM 92939U106 92,537 1,050 SH   SOLE   1,050 0 0
WEIR GROUP PLC COM 000946580 277,588 31,050 SH   SOLE   3,150 0 27,900
WELLS FARGO & CO COM 949746101 1,531,145 53,350 SH   SOLE   39,150 0 14,200
WESTROCK CO COM 96145D105 76,302 2,700 SH   SOLE   2,700 0 0
WILLIAMS COS. COM 969457100 527,795 37,300 SH   SOLE   27,300 0 10,000
WIRECARD AG COM 007508927 1,272,630 11,083 SH   SOLE   1,130 0 9,953
WOLTERS KLUWER COM 005671519 619,709 8,800 SH   SOLE   900 0 7,900
WORKDAY INC-CL. A COM 98138H101 78,132 600 SH   SOLE   600 0 0
WR BERKLEY CORP COM 084423102 70,430 1,350 SH   SOLE   1,350 0 0
WSFS FINL CORP COM 929328102 54,824 2,200 SH   SOLE   2,200 0 0
XCEL ENERGY INC COM 98389B100 90,450 1,500 SH   SOLE   1,500 0 0
YAHOO JAPAN CORP COM 006084848 671,469 208,300 SH   SOLE   29,400 0 178,900
YAMAHA MOTOR CO LTD COM 006985264 314,779 26,000 SH   SOLE   3,000 0 23,000
ZOETIS INC COM 98978V103 1,103,933 9,380 SH   SOLE   6,980 0 2,400