Issuer Direct Corp (ISDR)

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Institutional Investors' Holdings

Filing Period:

No.	Name	Shares	Value	% Port
1.	Forager Capital Management, Llc	229,909	$4,168,250	1.7%
2.	Vanguard Group Inc	151,459	$2,745,952	0%
3.	Bard Associates Inc	116,860	$2,118,672	0.8%
4.	Punch & Associates Investment Management, Inc.CALL	99,810	$1,809,555	0.1%
5.	Herald Investment Management Ltd	90,000	$1,566,000	0.29%