Morgan Dempsey Capital Management 13F-HR Quarterly holdings report by institutional manager

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

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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
AECOM	EQTY	00766T100	33	874	SH		SOLE		874	0	0
Alliant Energy Corporation	EQTY	018802108	163	3,331	SH		SOLE		3,331	0	0
Altria Group, Inc.	EQTY	02209S103	5,099	107,684	SH		SOLE		107,684	0	0
Amdocs Limited	EQTY	G02602103	56	905	SH		SOLE		905	0	0
American International Group, Inc.	WRNT	026874156	1	120	SH		SOLE		120	0	0
AmerisourceBergen Corporation	EQTY	03073E105	26	304	SH		SOLE		304	0	0
Ames National Corporation	EQTY	031001100	615	22,688	SH		SOLE		22,688	0	0
AMETEK, Inc.	EQTY	031100100	161	1,771	SH		SOLE		1,771	0	0
Amphenol Corporation	EQTY	032095101	168	1,746	SH		SOLE		1,746	0	0
Aon PLC	EQTY	G0408V102	61	318	SH		SOLE		318	0	0
Apogee Enterprises, Inc.	EQTY	037598109	845	19,441	SH		SOLE		19,441	0	0
AptarGroup, Inc.	EQTY	038336103	1,171	9,420	SH		SOLE		9,420	0	0
Ares Capital Corporation	EQTY	04010L103	6,679	372,305	SH		SOLE		372,305	0	0
Arthur J. Gallagher & Co.	EQTY	363576109	6,429	73,402	SH		SOLE		73,402	0	0
Associated Banc-Corp	EQTY	045487105	73	3,472	SH		SOLE		3,472	0	0
Astec Industries, Inc.	EQTY	046224101	594	18,253	SH		SOLE		18,253	0	0
AT&T Inc.	EQTY	00206R102	5,212	155,539	SH		SOLE		155,539	0	0
Atrion Corporation	EQTY	049904105	852	999	SH		SOLE		999	0	0
Auburn National Bancorporation, Inc.	EQTY	050473107	507	15,136	SH		SOLE		15,136	0	0
Avery Dennison Corporation	EQTY	053611109	41	356	SH		SOLE		356	0	0
Badger Meter, Inc.	EQTY	056525108	643	10,773	SH		SOLE		10,773	0	0
Bar Harbor Bankshares	EQTY	066849100	581	21,832	SH		SOLE		21,832	0	0
Brown & Brown, Inc.	EQTY	115236101	96	2,865	SH		SOLE		2,865	0	0
Cabot Microelectronics Corporation	EQTY	12709P103	873	7,929	SH		SOLE		7,929	0	0
Cal-Maine Foods, Inc.	EQTY	128030202	722	17,294	SH		SOLE		17,294	0	0
Chevron Corporation	EQTY	166764100	6,852	55,059	SH		SOLE		55,059	0	0
Chipotle Mexican Grill, Inc.	EQTY	169656105	21	29	SH		SOLE		29	0	0
Church & Dwight Co., Inc.	EQTY	171340102	167	2,284	SH		SOLE		2,284	0	0
Cintas Corporation	EQTY	172908105	243	1,024	SH		SOLE		1,024	0	0
Cisco Systems, Inc.	EQTY	17275R102	8,446	154,315	SH		SOLE		154,315	0	0
Cohu, Inc.	EQTY	192576106	272	17,652	SH		SOLE		17,652	0	0
Copart, Inc.	EQTY	217204106	143	1,914	SH		SOLE		1,914	0	0
Covetrus, Inc.	EQTY	22304C100	10	406	SH		SOLE		406	0	0
Crown Castle International Corp.	EQTY	22822V101	6,819	52,311	SH		SOLE		52,311	0	0
CSW Industrials, Inc.	EQTY	126402106	645	9,461	SH		SOLE		9,461	0	0
Cubic Corporation	EQTY	229669106	902	13,996	SH		SOLE		13,996	0	0
Darden Restaurants, Inc.	EQTY	237194105	8,027	65,940	SH		SOLE		65,940	0	0
Diamondback Energy, Inc.	EQTY	25278X109	44	408	SH		SOLE		408	0	0
Digital Realty Trust, Inc.	EQTY	253868103	5,146	43,691	SH		SOLE		43,691	0	0
Diodes Incorporated	EQTY	254543101	660	18,154	SH		SOLE		18,154	0	0
Dril-Quip, Inc.	EQTY	262037104	856	17,828	SH		SOLE		17,828	0	0
Duke Energy Corporation	EQTY	26441C204	5,322	60,307	SH		SOLE		60,307	0	0
Duluth Holdings Inc.	EQTY	26443V101	514	37,828	SH		SOLE		37,828	0	0
Eagle Bancorp Montana, Inc.	EQTY	26942G100	409	24,635	SH		SOLE		24,635	0	0
Emerson Electric Co.	EQTY	291011104	5,639	84,521	SH		SOLE		84,521	0	0
Enbridge Inc.	EQTY	29250N105	3,079	84,644	SH		SOLE		84,644	0	0
Espey Mfg. & Electronics Corp.	EQTY	296650104	422	17,031	SH		SOLE		17,031	0	0
Exact Sciences Corporation	EQTY	30063P105	32	270	SH		SOLE		270	0	0
Exxon Mobil Corporation	EQTY	30231G102	1,957	25,534	SH		SOLE		25,534	0	0
Facebook, Inc.	EQTY	30303M102	39	200	SH		SOLE		200	0	0
Fiserv, Inc.	EQTY	337738108	164	1,794	SH		SOLE		1,794	0	0
Flowers Foods, Inc.	EQTY	343498101	660	28,358	SH		SOLE		28,358	0	0
General Mills, Inc.	EQTY	370334104	6,101	116,162	SH		SOLE		116,162	0	0
German American Bancorp, Inc.	EQTY	373865104	916	30,397	SH		SOLE		30,397	0	0
Gilead Sciences, Inc.	EQTY	375558103	2,964	43,877	SH		SOLE		43,877	0	0
Global Payments Inc.	EQTY	37940X102	134	837	SH		SOLE		837	0	0
Granite Construction Incorporated	EQTY	387328107	3,211	66,645	SH		SOLE		66,645	0	0
Gulf Island Fabrication, Inc.	EQTY	402307102	248	34,979	SH		SOLE		34,979	0	0
Hawkins, Inc.	EQTY	420261109	448	10,326	SH		SOLE		10,326	0	0
Henry Schein, Inc.	EQTY	806407102	70	1,008	SH		SOLE		1,008	0	0
Hooker Furniture Corporation	EQTY	439038100	409	19,847	SH		SOLE		19,847	0	0
Host Hotels & Resorts, Inc.	EQTY	44107P104	57	3,148	SH		SOLE		3,148	0	0
HP Inc.	EQTY	40434L105	5,965	286,941	SH		SOLE		286,941	0	0
Hubbell Incorporated	EQTY	443510607	104	798	SH		SOLE		798	0	0
Hyster-Yale Materials Handling, Inc.	EQTY	449172105	382	6,904	SH		SOLE		6,904	0	0
ICU Medical, Inc.	EQTY	44930G107	761	3,021	SH		SOLE		3,021	0	0
Insteel Industries, Inc.	EQTY	45774W108	413	19,816	SH		SOLE		19,816	0	0
Intuit Inc.	EQTY	461202103	78	298	SH		SOLE		298	0	0
iShares Select Dividend ETF	ETF	464287168	17	175	SH		SOLE		175	0	0
iShares Russell 1000 Value	ETF	464287598	87	687	SH		SOLE		687	0	0
iShares Treasury Floating Rate Bond	ETF	46434V860	50	999	SH		SOLE		999	0	0
iShares Russell 2000 Value	ETF	464287630	84	700	SH		SOLE		700	0	0
J & J Snack Foods Corp.	EQTY	466032109	3,219	20,002	SH		SOLE		20,002	0	0
Johnson & Johnson	EQTY	478160104	6,187	44,423	SH		SOLE		44,423	0	0
Johnson Outdoors Inc.	EQTY	479167108	1,033	13,857	SH		SOLE		13,857	0	0
Keane Group, Inc.	EQTY	48669A108	195	29,052	SH		SOLE		29,052	0	0
Kewaunee Scientific Corporation	EQTY	492854104	176	9,180	SH		SOLE		9,180	0	0
KeyCorp	EQTY	493267108	26	1,465	SH		SOLE		1,465	0	0
Kimball Electronics, Inc.	EQTY	49428J109	634	39,019	SH		SOLE		39,019	0	0
Kimberly-Clark Corporation	EQTY	494368103	5,664	42,502	SH		SOLE		42,502	0	0
L. B. Foster Company	EQTY	350060109	1,121	41,017	SH		SOLE		41,017	0	0
Leggett & Platt, Incorporated	EQTY	524660107	7	187	SH		SOLE		187	0	0
Lockheed Martin Corporation	EQTY	539830109	6,309	17,357	SH		SOLE		17,357	0	0
Lydall, Inc.	EQTY	550819106	404	20,014	SH		SOLE		20,014	0	0
M/I Homes, Inc.	EQTY	55305B101	634	22,198	SH		SOLE		22,198	0	0
Marten Transport, Ltd.	EQTY	573075108	711	39,164	SH		SOLE		39,164	0	0
McDonald's Corporation	EQTY	580135101	10,092	48,600	SH		SOLE		48,600	0	0
Merck & Co., Inc.	EQTY	58933Y105	8,739	104,224	SH		SOLE		104,224	0	0
Merit Medical Systems, Inc.	EQTY	589889104	998	16,762	SH		SOLE		16,762	0	0
Microchip Technology Incorporated	EQTY	595017104	34	388	SH		SOLE		388	0	0
Microsoft Corporation	EQTY	594918104	107	795	SH		SOLE		795	0	0
Miller Industries, Inc.	EQTY	600551204	488	15,858	SH		SOLE		15,858	0	0
Mine Safety Appliances Company, LLC	EQTY	553498106	2,731	25,916	SH		SOLE		25,916	0	0
MKS Instruments, Inc.	EQTY	55306N104	440	5,645	SH		SOLE		5,645	0	0
Monarch Casino & Resort, Inc.	EQTY	609027107	938	21,938	SH		SOLE		21,938	0	0
MSC Industrial Direct Co., Inc.	EQTY	553530106	36	482	SH		SOLE		482	0	0
MYR Group Inc.	EQTY	55405W104	1,111	29,755	SH		SOLE		29,755	0	0
National HealthCare Corporation	EQTY	635906100	650	8,005	SH		SOLE		8,005	0	0
National Presto Industries, Inc.	EQTY	637215104	841	9,012	SH		SOLE		9,012	0	0
Nicolet Bankshares, Inc.	EQTY	65406E102	386	6,224	SH		SOLE		6,224	0	0
Northwest Pipe Company	EQTY	667746101	450	17,467	SH		SOLE		17,467	0	0
Oil States International, Inc.	EQTY	678026105	146	7,988	SH		SOLE		7,988	0	0
Oil-Dri Corporation of America	EQTY	677864100	370	10,857	SH		SOLE		10,857	0	0
Old Dominion Freight Line, Inc.	EQTY	679580100	20	132	SH		SOLE		132	0	0
Park Electrochemical Corp.	EQTY	700416209	407	24,396	SH		SOLE		24,396	0	0
Paychex, Inc.	EQTY	704326107	7,423	90,202	SH		SOLE		90,202	0	0
Peapack-Gladstone Financial Corporation	EQTY	704699107	544	19,349	SH		SOLE		19,349	0	0
Perma-Pipe International Holdings, Inc.	EQTY	714167103	367	40,364	SH		SOLE		40,364	0	0
Pfizer Inc.	EQTY	717081103	5,953	137,419	SH		SOLE		137,419	0	0
Philip Morris International Inc.	EQTY	718172109	5,608	71,413	SH		SOLE		71,413	0	0
Pioneer Natural Resources Company	EQTY	723787107	53	346	SH		SOLE		346	0	0
Powell Industries, Inc.	EQTY	739128106	692	18,211	SH		SOLE		18,211	0	0
Quanta Services, Inc.	EQTY	74762E102	60	1,580	SH		SOLE		1,580	0	0
Red Hat, Inc.	EQTY	756577102	44	233	SH		SOLE		233	0	0
Republic Services, Inc.	EQTY	760759100	162	1,873	SH		SOLE		1,873	0	0
ResMed Inc.	EQTY	761152107	73	602	SH		SOLE		602	0	0
Ross Stores, Inc.	EQTY	778296103	84	848	SH		SOLE		848	0	0
Royal Dutch Shell PLC	EQTY	780259107	5,570	84,725	SH		SOLE		84,725	0	0
RPC, Inc.	EQTY	749660106	1,096	151,979	SH		SOLE		151,979	0	0
RPM International Inc.	EQTY	749685103	70	1,145	SH		SOLE		1,145	0	0
Sanderson Farms, Inc.	EQTY	800013104	650	4,759	SH		SOLE		4,759	0	0
Schwab US Large Cap Value	ETF	808524409	22	398	SH		SOLE		398	0	0
Schwab 1000 Index ETF	ETF	808524722	95	3,290	SH		SOLE		3,290	0	0
Simpson Manufacturing Co., Inc.	EQTY	829073105	899	13,533	SH		SOLE		13,533	0	0
Six Flags Operations Inc.	EQTY	83001A102	6,417	129,172	SH		SOLE		129,172	0	0
Snap-on Incorporated	EQTY	833034101	37	226	SH		SOLE		226	0	0
Solaris Oilfield Infrastructure, Inc.	EQTY	83418M103	367	24,470	SH		SOLE		24,470	0	0
SPDR S&P MidCap 400 ETF Trust	ETF	78467Y107	105	297	SH		SOLE		297	0	0
Sturm, Ruger & Company, Inc.	EQTY	864159108	3,507	64,379	SH		SOLE		64,379	0	0
Target Corporation	EQTY	87612E106	5,506	63,573	SH		SOLE		63,573	0	0
Texas Capital Bancshares, Inc.	EQTY	88224Q107	712	11,596	SH		SOLE		11,596	0	0
The Coca-Cola Company	EQTY	191216100	5,361	105,288	SH		SOLE		105,288	0	0
The First of Long Island Corporation	EQTY	320734106	423	21,060	SH		SOLE		21,060	0	0
The Gorman- Rupp Company	EQTY	383082104	2,728	83,095	SH		SOLE		83,095	0	0
The Hingham Institute for Savings	EQTY	433323102	775	3,915	SH		SOLE		3,915	0	0
The Interpublic Group of Companies, Inc.	EQTY	460690100	31	1,361	SH		SOLE		1,361	0	0
The Marcus Corporation	EQTY	566330106	3,037	92,148	SH		SOLE		92,148	0	0
The Procter & Gamble Company	EQTY	742718109	8,593	78,367	SH		SOLE		78,367	0	0
The Southern Company	EQTY	842587107	6,104	110,418	SH		SOLE		110,418	0	0
Thermo Fisher Scientific Inc.	EQTY	883556102	321	1,092	SH		SOLE		1,092	0	0
Twin Disc, Incorporated	EQTY	901476101	785	52,016	SH		SOLE		52,016	0	0
Umpqua Holdings Corporation	EQTY	904214103	12	728	SH		SOLE		728	0	0
Unit Corporation	EQTY	909218109	570	64,085	SH		SOLE		64,085	0	0
United Fire Group, Inc.	EQTY	910340108	334	6,886	SH		SOLE		6,886	0	0
Utah Medical Products, Inc.	EQTY	917488108	1,038	10,843	SH		SOLE		10,843	0	0
Vanguard Marketing Corporation	ETF	921946406	21	242	SH		SOLE		242	0	0
Varian Medical Systems, Inc.	EQTY	92220P105	35	256	SH		SOLE		256	0	0
Verizon Communications Inc.	EQTY	92343V104	6,802	119,052	SH		SOLE		119,052	0	0
W.P. Carey Inc.	EQTY	92936U109	6,308	77,701	SH		SOLE		77,701	0	0
Waste Management, Inc.	EQTY	94106L109	6,550	56,780	SH		SOLE		56,780	0	0
Weis Markets, Inc.	EQTY	948849104	2,921	80,223	SH		SOLE		80,223	0	0
Whiting Petroleum Corporation	EQTY	966387409	11	469	SH		SOLE		469	0	0