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
AmerisourceBergen Corporation	EQTY	03073E105	56	583	SH		SOLE		583	0	0
AECOM	EQTY	00766T100	25	597	SH		SOLE		597	0	0
Arthur J. Gallagher & Co.	EQTY	363576109	79	750	SH		SOLE		750	0	0
AMETEK, Inc.	EQTY	031100100	111	1,118	SH		SOLE		1,118	0	0
Aon Plc	EQTY	G0403H108	38	186	SH		SOLE		186	0	0
Amphenol Corporation	EQTY	032095101	118	1,093	SH		SOLE		1,093	0	0
Apogee Enterprises, Inc.	EQTY	037598109	31	1,445	SH		SOLE		1,445	0	0
Ares Capital Corporation	EQTY	04010L103	105	7,505	SH		SOLE		7,505	0	0
Associated Banc-Corp	EQTY	045487105	28	2,251	SH		SOLE		2,251	0	0
Astec Industries, Inc.	EQTY	046224101	110	2,033	SH		SOLE		2,033	0	0
Ames National Corporation	EQTY	031001100	14	819	SH		SOLE		819	0	0
AptarGroup, Inc.	EQTY	038336103	115	1,019	SH		SOLE		1,019	0	0
Atrion Corporation	EQTY	049904105	47	75	SH		SOLE		75	0	0
Auburn National Bancorporation, Inc.	EQTY	050473107	21	566	SH		SOLE		566	0	0
Avery Dennison Corporation	EQTY	053611109	31	245	SH		SOLE		245	0	0
American Water Works Company, Inc.	EQTY	030420103	42	292	SH		SOLE		292	0	0
Balchem Corporation	EQTY	057665200	43	436	SH		SOLE		436	0	0
Bar Harbor Bankshares	EQTY	066849100	33	1,611	SH		SOLE		1,611	0	0
Badger Meter, Inc.	EQTY	056525108	52	799	SH		SOLE		799	0	0
Brown & Brown, Inc.	EQTY	115236101	72	1,589	SH		SOLE		1,589	0	0
Cal-Maine Foods, Inc.	EQTY	128030202	49	1,290	SH		SOLE		1,290	0	0
Crown Castle International Corp. (REIT)	EQTY	22822V101	10,919	65,581	SH		SOLE		65,581	0	0
CMC Materials, Inc.	EQTY	12709P103	84	589	SH		SOLE		589	0	0
Church & Dwight Co., Inc.	EQTY	171340102	106	1,134	SH		SOLE		1,134	0	0
Chipotle Mexican Grill, Inc.	EQTY	169656105	32	26	SH		SOLE		26	0	0
Cohu, Inc.	EQTY	192576106	24	1,380	SH		SOLE		1,380	0	0
The Cooper Companies, Inc.	EQTY	216648402	12	37	SH		SOLE		37	0	0
Copart, Inc.	EQTY	217204106	126	1,203	SH		SOLE		1,203	0	0
Charles River Laboratories International, Inc.	EQTY	159864107	54	237	SH		SOLE		237	0	0
Cisco Systems, Inc.	EQTY	17275R102	7,605	193,073	SH		SOLE		193,073	0	0
CSW Industrials, Inc.	EQTY	126402106	54	697	SH		SOLE		697	0	0
Cubic Corporation	EQTY	229669106	60	1,029	SH		SOLE		1,029	0	0
Chevron Corporation	EQTY	166764100	6,194	86,032	SH		SOLE		86,032	0	0
Dillard's, Inc.	EQTY	254067101	1	16	SH		SOLE		16	0	0
Diodes Incorporated	EQTY	254543101	76	1,340	SH		SOLE		1,340	0	0
Digital Realty Trust, Inc.	EQTY	253868103	4,243	28,908	SH		SOLE		28,908	0	0
Dollar Tree, Inc.	EQTY	256747106	12	131	SH		SOLE		131	0	0
Amdocs Limited	EQTY	G02602103	62	1,074	SH		SOLE		1,074	0	0
Dril-Quip, Inc.	EQTY	262037104	33	1,319	SH		SOLE		1,319	0	0
Duke Energy Corporation	EQTY	26441C204	8,568	96,749	SH		SOLE		96,749	0	0
Devon Energy Corporation	EQTY	25179M103	20	2,162	SH		SOLE		2,162	0	0
Eagle Bancorp Montana, Inc.	EQTY	26942G100	14	786	SH		SOLE		786	0	0
Emerson Electric Co.	EQTY	291011104	6,960	106,144	SH		SOLE		106,144	0	0
Enbridge Inc.	EQTY	29250N105	6,319	216,419	SH		SOLE		216,419	0	0
Espey Mfg. & Electronics Corp.	EQTY	296650104	24	1,257	SH		SOLE		1,257	0	0
Exact Sciences Corporation	EQTY	30063P105	25	249	SH		SOLE		249	0	0
Diamondback Energy, Inc.	EQTY	25278X109	24	812	SH		SOLE		812	0	0
Facebook, Inc.	EQTY	30303M102	52	200	SH		SOLE		200	0	0
Fiserv, Inc.	EQTY	337738108	131	1,273	SH		SOLE		1,273	0	0
The First of Long Island Corporation	EQTY	320734106	23	1,566	SH		SOLE		1,566	0	0
Flowers Foods, Inc.	EQTY	343498101	104	4,276	SH		SOLE		4,276	0	0
L.B. Foster Company	EQTY	350060109	41	3,076	SH		SOLE		3,076	0	0
Fortive Corporation	EQTY	34959J108	0	0	SH		SOLE		0	0	0
German American Bancorp, Inc.	EQTY	373865104	61	2,246	SH		SOLE		2,246	0	0
Gilead Sciences, Inc.	EQTY	375558103	7,544	119,392	SH		SOLE		119,392	0	0
General Mills, Inc.	EQTY	370334104	9,319	151,084	SH		SOLE		151,084	0	0
Global Payments Inc.	EQTY	37940X102	73	414	SH		SOLE		414	0	0
The Gorman-Rupp Company	EQTY	383082104	181	6,152	SH		SOLE		6,152	0	0
Granite Construction Incorporated	EQTY	387328107	86	4,882	SH		SOLE		4,882	0	0
Hingham Institution for Savings	EQTY	433323102	52	282	SH		SOLE		282	0	0
Hooker Furniture Corporation	EQTY	439038100	38	1,465	SH		SOLE		1,465	0	0
HP Inc.	EQTY	40434L105	6,870	361,760	SH		SOLE		361,760	0	0
Hubbell Incorporated	EQTY	443510607	76	551	SH		SOLE		551	0	0
Hawkins, Inc.	EQTY	420261109	64	1,399	SH		SOLE		1,399	0	0
International Business Machines Corporation	EQTY	459200101	7,315	60,122	SH		SOLE		60,122	0	0
ICU Medical, Inc.	EQTY	44930G107	50	271	SH		SOLE		271	0	0
Insteel Industries, Inc.	EQTY	45774W108	29	1,540	SH		SOLE		1,540	0	0
Intuit Inc.	EQTY	461202103	65	200	SH		SOLE		200	0	0
The Interpublic Group of Companies, Inc.	EQTY	460690100	14	852	SH		SOLE		852	0	0
iShares Trust - iShares Russell 1000 Value ETF	ETF	464287598	119	1,005	SH		SOLE		1,005	0	0
J & J Snack Foods Corp.	EQTY	466032109	273	2,098	SH		SOLE		2,098	0	0
Jack Henry & Associates, Inc.	EQTY	426281101	12	76	SH		SOLE		76	0	0
Johnson & Johnson	EQTY	478160104	8,207	55,124	SH		SOLE		55,124	0	0
Johnson Outdoors Inc.	EQTY	479167108	84	1,025	SH		SOLE		1,025	0	0
Keurig Dr Pepper Inc.	EQTY	49271V100	0	0	SH		SOLE		0	0	0
Kimball Electronics, Inc.	EQTY	49428J109	34	2,903	SH		SOLE		2,903	0	0
KeyCorp	EQTY	493267108	13	1,059	SH		SOLE		1,059	0	0
Kimberly-Clark Corporation	EQTY	494368103	7,701	52,153	SH		SOLE		52,153	0	0
The Coca-Cola Company	EQTY	191216100	9,501	192,439	SH		SOLE		192,439	0	0
Ladder Capital Corp	EQTY	505743104	0	0	SH		SOLE		0	0	0
Lydall, Inc.	EQTY	550819106	25	1,510	SH		SOLE		1,510	0	0
Lockheed Martin Corporation	EQTY	539830109	8,334	21,743	SH		SOLE		21,743	0	0
Alliant Energy Corporation	EQTY	018802108	128	2,474	SH		SOLE		2,474	0	0
McDonald's Corporation	EQTY	580135101	9,484	43,209	SH		SOLE		43,209	0	0
Microchip Technology Incorporated	EQTY	595017104	31	307	SH		SOLE		307	0	0
Monarch Casino & Resort, Inc.	EQTY	609027107	72	1,616	SH		SOLE		1,616	0	0
The Marcus Corporation	EQTY	566330106	84	10,885	SH		SOLE		10,885	0	0
SPDR S&P MidCap 400 ETF Trust	ETF	78467Y107	87	256	SH		SOLE		256	0	0
M/I Homes, Inc.	EQTY	55305B101	75	1,637	SH		SOLE		1,637	0	0
MKS Instruments, Inc.	EQTY	55306N104	46	418	SH		SOLE		418	0	0
Miller Industries, Inc.	EQTY	600551204	36	1,166	SH		SOLE		1,166	0	0
Merit Medical Systems, Inc.	EQTY	589889104	54	1,244	SH		SOLE		1,244	0	0
Altria Group, Inc.	EQTY	02209S103	5,187	134,247	SH		SOLE		134,247	0	0
Merck & Co., Inc.	EQTY	58933Y105	10,880	131,164	SH		SOLE		131,164	0	0
Marten Transport, Ltd.	EQTY	573075108	71	4,352	SH		SOLE		4,352	0	0
MSA Safety Incorporated	EQTY	553498106	213	1,587	SH		SOLE		1,587	0	0
Microsoft Corporation	EQTY	594918104	61	288	SH		SOLE		288	0	0
MYR Group Inc.	EQTY	55405W104	82	2,195	SH		SOLE		2,195	0	0
Nicolet Bankshares, Inc.	EQTY	65406E102	27	500	SH		SOLE		500	0	0
National HealthCare Corporation	EQTY	635906100	37	595	SH		SOLE		595	0	0
National Presto Industries, Inc.	EQTY	637215104	54	665	SH		SOLE		665	0	0
Northern Trust Corporation	EQTY	665859104	6,997	89,745	SH		SOLE		89,745	0	0
NuShares ETF Trust - Nuveen ESG Large-Cap Value ETF	ETF	67092P300	235	8,094	SH		SOLE		8,094	0	0
Northwest Pipe Company	EQTY	667746101	35	1,310	SH		SOLE		1,310	0	0
Oil-Dri Corporation of America	EQTY	677864100	29	824	SH		SOLE		824	0	0
Old Dominion Freight Line, Inc.	EQTY	679580100	23	125	SH		SOLE		125	0	0
Otter Tail Corporation	EQTY	689648103	40	1,111	SH		SOLE		1,111	0	0
Paychex, Inc.	EQTY	704326107	8,937	112,035	SH		SOLE		112,035	0	0
Pfizer Inc.	EQTY	717081103	8,404	229,005	SH		SOLE		229,005	0	0
The Procter & Gamble Company	EQTY	742718109	13,655	98,243	SH		SOLE		98,243	0	0
Peapack-Gladstone Financial Corporation	EQTY	704699107	22	1,450	SH		SOLE		1,450	0	0
Park Aerospace Corp.	EQTY	70014A104	20	1,792	SH		SOLE		1,792	0	0
Philip Morris International Inc.	EQTY	718172109	6,702	89,367	SH		SOLE		89,367	0	0
Powell Industries, Inc.	EQTY	739128106	33	1,368	SH		SOLE		1,368	0	0
Prudential Financial, Inc.	EQTY	744320102	3,439	54,139	SH		SOLE		54,139	0	0
Quanta Services, Inc.	EQTY	74762E102	25	475	SH		SOLE		475	0	0
Pioneer Natural Resources Company	EQTY	723787107	28	331	SH		SOLE		331	0	0
Royal Dutch Shell plc	EQTY	780259107	4	146	SH		SOLE		146	0	0
RPC, Inc.	EQTY	749660106	30	11,298	SH		SOLE		11,298	0	0
Sturm, Ruger & Company, Inc.	EQTY	864159108	198	3,245	SH		SOLE		3,245	0	0
ResMed Inc.	EQTY	761152107	53	309	SH		SOLE		309	0	0
Ross Stores, Inc.	EQTY	778296103	54	583	SH		SOLE		583	0	0
RPM International Inc.	EQTY	749685103	94	1,135	SH		SOLE		1,135	0	0
Republic Services, Inc.	EQTY	760759100	117	1,252	SH		SOLE		1,252	0	0
Sanderson Farms, Inc.	EQTY	800013104	41	346	SH		SOLE		346	0	0
The Southern Company	EQTY	842587107	7,529	138,856	SH		SOLE		138,856	0	0
Solaris Oilfield Infrastructure, Inc.	EQTY	83418M103	12	1,828	SH		SOLE		1,828	0	0
Simpson Manufacturing Co., Inc.	EQTY	829073105	97	996	SH		SOLE		996	0	0
AT&T Inc.	EQTY	00206R102	7,470	262,027	SH		SOLE		262,027	0	0
Texas Capital Bancshares, Inc.	EQTY	88224Q107	27	856	SH		SOLE		856	0	0
Target Corporation	EQTY	87612E106	8,059	51,197	SH		SOLE		51,197	0	0
Thermo Fisher Scientific Inc.	EQTY	883556102	180	409	SH		SOLE		409	0	0
United Fire Group, Inc.	EQTY	910340108	10	500	SH		SOLE		500	0	0
Umpqua Holdings Corporation	EQTY	904214103	5	505	SH		SOLE		505	0	0
United Parcel Service, Inc.	EQTY	911312106	7,420	44,528	SH		SOLE		44,528	0	0
U.S. Bancorp	EQTY	902973304	7,839	218,650	SH		SOLE		218,650	0	0
Utah Medical Products, Inc.	EQTY	917488108	64	807	SH		SOLE		807	0	0
Verizon Communications Inc.	EQTY	92343V104	8,960	150,611	SH		SOLE		150,611	0	0
Whiting Petroleum Corporation	EQTY	966387508	1	42	SH		SOLE		42	0	0
Waste Management, Inc.	EQTY	94106L109	8,107	71,640	SH		SOLE		71,640	0	0
Weis Markets, Inc.	EQTY	948849104	166	3,450	SH		SOLE		3,450	0	0
W. P. Carey Inc.	EQTY	92936U109	6,357	97,553	SH		SOLE		97,553	0	0
The Select Sector SPDR Trust - The Consumer Staples Select Sector SPDR Fund	ETF	81369Y308	35	545	SH		SOLE		545	0	0
Exxon Mobil Corporation	EQTY	30231G102	2,972	86,578	SH		SOLE		86,578	0	0
Zimmer Biomet Holdings, Inc.	EQTY	98956P102	48	350	SH		SOLE		350	0	0