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	26	858	SH		SOLE		0	858	0
Alliant Energy Corporation	EQTY	018802108	179	3,709	SH		SOLE		0	3,709	0
Altria Group, Inc.	EQTY	02209S103	4,620	119,438	SH		SOLE		0	119,438	0
Amdocs Limited	EQTY	G02602103	50	905	SH		SOLE		0	905	0
American Water Works Company, Inc.	EQTY	030420103	26	219	SH		SOLE		0	219	0
AmerisourceBergen Corporation	EQTY	03073E105	76	859	SH		SOLE		0	859	0
Ames National Corporation	EQTY	031001100	21	1,032	SH		SOLE		0	1,032	0
AMETEK, Inc.	EQTY	031100100	110	1,541	SH		SOLE		0	1,541	0
Amphenol Corporation	EQTY	032095101	113	1,559	SH		SOLE		0	1,559	0
Aon plc	EQTY	G0408V102	45	272	SH		SOLE		0	272	0
Apogee Enterprises, Inc.	EQTY	037598109	38	1,847	SH		SOLE		0	1,847	0
AptarGroup, Inc.	EQTY	038336103	125	1,271	SH		SOLE		0	1,271	0
Ares Capital Corporation	EQTY	04010L103	4,473	414,293	SH		SOLE		0	414,293	0
Arthur J. Gallagher & Co.	EQTY	363576109	122	1,496	SH		SOLE		0	1,496	0
Associated Banc-Corp	EQTY	045487105	43	3,352	SH		SOLE		0	3,352	0
Astec Industries, Inc.	EQTY	046224101	88	2,556	SH		SOLE		0	2,556	0
AT&T Inc.	EQTY	00206R102	5,264	180,473	SH		SOLE		0	180,473	0
Atrion Corporation	EQTY	049904105	62	96	SH		SOLE		0	96	0
Auburn National Bancorporation, Inc.	EQTY	050473107	27	652	SH		SOLE		0	652	0
Avery Dennison Corporation	EQTY	053611109	36	351	SH		SOLE		0	351	0
Badger Meter, Inc.	EQTY	056525108	54	1,011	SH		SOLE		0	1,011	0
Balchem Corporation	EQTY	057665200	54	548	SH		SOLE		0	548	0
Bar Harbor Bankshares	EQTY	066849100	36	2,058	SH		SOLE		0	2,058	0
Brown & Brown, Inc.	EQTY	115236101	101	2,802	SH		SOLE		0	2,802	0
Cabot Microelectronics Corporation	EQTY	12709P103	85	748	SH		SOLE		0	748	0
Cal-Maine Foods, Inc.	EQTY	128030202	72	1,642	SH		SOLE		0	1,642	0
Carlisle Companies Incorporated	EQTY	142339100	15	118	SH		SOLE		0	118	0
Charles River Laboratories International, Inc.	EQTY	159864107	23	184	SH		SOLE		0	184	0
Chevron Corporation	EQTY	166764100	4,516	62,275	SH		SOLE		0	62,275	0
Chipotle Mexican Grill, Inc.	EQTY	169656105	44	67	SH		SOLE		0	67	0
Church & Dwight Co., Inc.	EQTY	171340102	116	1,814	SH		SOLE		0	1,814	0
Cintas Corporation	EQTY	172908105	77	442	SH		SOLE		0	442	0
Cisco Systems, Inc.	EQTY	17275R102	6,897	175,412	SH		SOLE		0	175,412	0
Cohu, Inc.	EQTY	192576106	22	1,755	SH		SOLE		0	1,755	0
Copart, Inc.	EQTY	217204106	111	1,619	SH		SOLE		0	1,619	0
Crown Castle International Corp. (REIT)	EQTY	22822V101	8,661	59,961	SH		SOLE		0	59,961	0
CSW Industrials, Inc.	EQTY	126402106	58	892	SH		SOLE		0	892	0
Cubic Corporation	EQTY	229669106	54	1,314	SH		SOLE		0	1,314	0
Darden Restaurants, Inc.	EQTY	237194105	27	498	SH		SOLE		0	498	0
Devon Energy Corporation	EQTY	25179M103	9	1,256	SH		SOLE		0	1,256	0
Diamondback Energy, Inc.	EQTY	25278X109	11	408	SH		SOLE		0	408	0
Digital Realty Trust, Inc.	EQTY	253868103	7,149	51,470	SH		SOLE		0	51,470	0
Dillard's, Inc.	EQTY	254067101	8	215	SH		SOLE		0	215	0
Diodes Incorporated	EQTY	254543101	69	1,705	SH		SOLE		0	1,705	0
Dril-Quip, Inc.	EQTY	262037104	51	1,685	SH		SOLE		0	1,685	0
Duke Energy Corporation	EQTY	26441C204	7,036	86,982	SH		SOLE		0	86,982	0
Eagle Bancorp Montana, Inc.	EQTY	26942G100	16	985	SH		SOLE		0	985	0
Emerson Electric Co.	EQTY	291011104	4,607	96,616	SH		SOLE		0	96,616	0
Enbridge Inc.	EQTY	29250N105	5,723	195,637	SH		SOLE		0	195,637	0
Espey Mfg. & Electronics Corp.	EQTY	296650104	29	1,586	SH		SOLE		0	1,586	0
Exact Sciences Corporation	EQTY	30063P105	46	786	SH		SOLE		0	786	0
Exxon Mobil Corporation	EQTY	30231G102	2,974	78,260	SH		SOLE		0	78,260	0
Facebook, Inc.	EQTY	30303M102	33	200	SH		SOLE		0	200	0
Fiserv, Inc.	EQTY	337738108	165	1,751	SH		SOLE		0	1,751	0
Flowers Foods, Inc.	EQTY	343498101	113	5,505	SH		SOLE		0	5,505	0
Forescout Technologies, Inc.	EQTY	34553D101	5	150	SH		SOLE		0	150	0
General Mills, Inc.	EQTY	370334104	7,154	135,560	SH		SOLE		0	135,560	0
German American Bancorp, Inc.	EQTY	373865104	79	2,866	SH		SOLE		0	2,866	0
Gilead Sciences, Inc.	EQTY	375558103	7,950	106,351	SH		SOLE		0	106,351	0
Global Payments Inc.	EQTY	37940X102	114	792	SH		SOLE		0	792	0
Granite Construction Incorporated	EQTY	387328107	94	6,200	SH		SOLE		0	6,200	0
Hawkins, Inc.	EQTY	420261109	35	975	SH		SOLE		0	975	0
Helix Energy Solutions Group, Inc.	CORP	42330PAH0	34	45,000	SH		SOLE		0	45,000	0
Hingham Institution for Savings	EQTY	433323102	53	364	SH		SOLE		0	364	0
Hooker Furniture Corporation	EQTY	439038100	29	1,872	SH		SOLE		0	1,872	0
Host Hotels & Resorts, Inc.	EQTY	44107P104	35	3,148	SH		SOLE		0	3,148	0
HP Inc.	EQTY	40434L105	5,738	330,344	SH		SOLE		0	330,344	0
Hubbell Incorporated	EQTY	443510607	30	258	SH		SOLE		0	258	0
ICU Medical, Inc.	EQTY	44930G107	71	354	SH		SOLE		0	354	0
Insteel Industries, Inc.	EQTY	45774W108	26	1,960	SH		SOLE		0	1,960	0
Intuit Inc.	EQTY	461202103	69	298	SH		SOLE		0	298	0
iShares Trust - iShares Russell 1000 Value ETF	ETF	464287598	18	185	SH		SOLE		0	185	0
iShares Trust - iShares Select Dividend ETF	ETF	464287168	13	175	SH		SOLE		0	175	0
J & J Snack Foods Corp.	EQTY	466032109	330	2,734	SH		SOLE		0	2,734	0
Jack Henry & Associates, Inc.	EQTY	426281101	17	112	SH		SOLE		0	112	0
Johnson & Johnson	EQTY	478160104	6,639	50,622	SH		SOLE		0	50,622	0
Johnson Outdoors Inc.	EQTY	479167108	82	1,307	SH		SOLE		0	1,307	0
KeyCorp	EQTY	493267108	15	1,465	SH		SOLE		0	1,465	0
Kimball Electronics, Inc.	EQTY	49428J109	40	3,698	SH		SOLE		0	3,698	0
Kimberly-Clark Corporation	EQTY	494368103	6,132	47,937	SH		SOLE		0	47,937	0
L.B. Foster Company	EQTY	350060109	48	3,916	SH		SOLE		0	3,916	0
Leggett & Platt, Incorporated	EQTY	524660107	2	59	SH		SOLE		0	59	0
Lockheed Martin Corporation	EQTY	539830109	6,746	19,895	SH		SOLE		0	19,895	0
Lydall, Inc.	EQTY	550819106	11	1,726	SH		SOLE		0	1,726	0
M/I Homes, Inc.	EQTY	55305B101	34	2,079	SH		SOLE		0	2,079	0
Magna International Inc.	EQTY	559222401	3	94	SH		SOLE		0	94	0
Marten Transport, Ltd.	EQTY	573075108	75	3,669	SH		SOLE		0	3,669	0
McDonald's Corporation	EQTY	580135101	6,527	39,462	SH		SOLE		0	39,462	0
Merck & Co., Inc.	EQTY	58933Y105	9,201	119,581	SH		SOLE		0	119,581	0
Merit Medical Systems, Inc.	EQTY	589889104	70	2,237	SH		SOLE		0	2,237	0
Microchip Technology Incorporated	EQTY	595017104	28	413	SH		SOLE		0	413	0
Microsoft Corporation	EQTY	594918104	122	795	SH		SOLE		0	795	0
Miller Industries, Inc.	EQTY	600551204	42	1,473	SH		SOLE		0	1,473	0
MKS Instruments, Inc.	EQTY	55306N104	43	531	SH		SOLE		0	531	0
Molson Coors Beverage Company	EQTY	60871R209	5,187	132,908	SH		SOLE		0	132,908	0
Monarch Casino & Resort, Inc.	EQTY	609027107	58	2,063	SH		SOLE		0	2,063	0
MSA Safety Incorporated	EQTY	553498106	201	1,984	SH		SOLE		0	1,984	0
MYR Group Inc.	EQTY	55405W104	73	2,799	SH		SOLE		0	2,799	0
National HealthCare Corporation	EQTY	635906100	54	753	SH		SOLE		0	753	0
National Presto Industries, Inc.	EQTY	637215104	60	848	SH		SOLE		0	848	0
NexTier Oilfield Solutions Inc.	EQTY	65290C105	3	2,603	SH		SOLE		0	2,603	0
Nicolet Bankshares, Inc.	EQTY	65406E102	35	640	SH		SOLE		0	640	0
Northwest Pipe Company	EQTY	667746101	33	1,500	SH		SOLE		0	1,500	0
Oil States International, Inc.	EQTY	678026105	2	770	SH		SOLE		0	770	0
Oil-Dri Corporation of America	EQTY	677864100	35	1,050	SH		SOLE		0	1,050	0
Old Dominion Freight Line, Inc.	EQTY	679580100	24	183	SH		SOLE		0	183	0
Otter Tail Corporation	EQTY	689648103	62	1,402	SH		SOLE		0	1,402	0
Park Aerospace Corp.	EQTY	70014A104	29	2,287	SH		SOLE		0	2,287	0
Paychex, Inc.	EQTY	704326107	6,422	101,998	SH		SOLE		0	101,998	0
Peapack-Gladstone Financial Corporation	EQTY	704699107	30	1,666	SH		SOLE		0	1,666	0
Pfizer Inc.	EQTY	717081103	6,738	206,506	SH		SOLE		0	206,506	0
Philip Morris International Inc.	EQTY	718172109	5,914	81,029	SH		SOLE		0	81,029	0
Pioneer Natural Resources Company	EQTY	723787107	24	346	SH		SOLE		0	346	0
Powell Industries, Inc.	EQTY	739128106	45	1,744	SH		SOLE		0	1,744	0
Quanta Services, Inc.	EQTY	74762E102	49	1,549	SH		SOLE		0	1,549	0
Republic Services, Inc.	EQTY	760759100	139	1,858	SH		SOLE		0	1,858	0
ResMed Inc.	EQTY	761152107	84	568	SH		SOLE		0	568	0
Ross Stores, Inc.	EQTY	778296103	73	838	SH		SOLE		0	838	0
Royal Dutch Shell plc Cl A	EQTY	780259206	6	161	SH		SOLE		0	161	0
Royal Dutch Shell plc Cl B	EQTY	780259107	3,160	96,685	SH		SOLE		0	96,685	0
RPC, Inc.	EQTY	749660106	29	14,281	SH		SOLE		0	14,281	0
RPM International Inc.	EQTY	749685103	54	911	SH		SOLE		0	911	0
Sanderson Farms, Inc.	EQTY	800013104	55	442	SH		SOLE		0	442	0
Schwab Strategic Trust - Schwab 1000 Index ETF	ETF	808524722	82	3,290	SH		SOLE		0	3,290	0
Schwab Strategic Trust - Schwab U.S. Large-Cap Value ETF	ETF	808524409	18	398	SH		SOLE		0	398	0
Simpson Manufacturing Co., Inc.	EQTY	829073105	79	1,272	SH		SOLE		0	1,272	0
Solaris Oilfield Infrastructure, Inc.	EQTY	83418M103	12	2,322	SH		SOLE		0	2,322	0
SPDR S&P MidCap 400 ETF Trust	ETF	78467Y107	78	295	SH		SOLE		0	295	0
Sturm, Ruger & Company, Inc.	EQTY	864159108	306	6,006	SH		SOLE		0	6,006	0
Target Corporation	EQTY	87612E106	6,817	73,288	SH		SOLE		0	73,288	0
Texas Capital Bancshares, Inc.	EQTY	88224Q107	24	1,083	SH		SOLE		0	1,083	0
The Coca-Cola Company	EQTY	191216100	7,671	173,376	SH		SOLE		0	173,376	0
The Cooper Companies, Inc.	EQTY	216648402	14	52	SH		SOLE		0	52	0
The First of Long Island Corporation	EQTY	320734106	35	1,999	SH		SOLE		0	1,999	0
The Gorman-Rupp Company	EQTY	383082104	243	7,779	SH		SOLE		0	7,779	0
The Interpublic Group of Companies, Inc.	EQTY	460690100	21	1,315	SH		SOLE		0	1,315	0
The Marcus Corporation	EQTY	566330106	102	8,282	SH		SOLE		0	8,282	0
The Procter & Gamble Company	EQTY	742718109	9,907	90,045	SH		SOLE		0	90,045	0
The Southern Company	EQTY	842587107	6,839	126,278	SH		SOLE		0	126,278	0
Thermo Fisher Scientific Inc.	EQTY	883556102	220	778	SH		SOLE		0	778	0
Twin Disc, Incorporated	EQTY	901476101	35	5,082	SH		SOLE		0	5,082	0
Umpqua Holdings Corporation	EQTY	904214103	8	728	SH		SOLE		0	728	0
United Fire Group, Inc.	EQTY	910340108	21	640	SH		SOLE		0	640	0
United Parcel Service, Inc.	EQTY	911312106	3,746	40,095	SH		SOLE		0	40,095	0
Utah Medical Products, Inc.	EQTY	917488108	97	1,033	SH		SOLE		0	1,033	0
Vanguard Index Funds - Vanguard Value ETF	ETF	922908744	85	952	SH		SOLE		0	952	0
Vanguard Whitehall Funds - Vanguard High Dividend Yield ETF	ETF	921946406	17	242	SH		SOLE		0	242	0
Varian Medical Systems, Inc.	EQTY	92220P105	26	252	SH		SOLE		0	252	0
Verizon Communications Inc.	EQTY	92343V104	7,351	136,804	SH		SOLE		0	136,804	0
W. P. Carey Inc.	EQTY	92936U109	5,194	89,351	SH		SOLE		0	89,351	0
Waste Management, Inc.	EQTY	94106L109	6,019	64,972	SH		SOLE		0	64,972	0
Weis Markets, Inc.	EQTY	948849104	314	7,526	SH		SOLE		0	7,526	0
Whiting Petroleum Corporation	EQTY	966387409	3	4,089	SH		SOLE		0	4,089	0