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
Astec Industries, Inc.	EQTY	046224101	82	1,303	SH		SOLE		1,303	0	0
AudioCodes Ltd.	EQTY	M15342104	114	3,454	SH		SOLE		3,454	0	0
Crown Castle International Corp. (REIT)	EQTY	22822V101	12,202	62,545	SH		SOLE		62,545	0	0
Cohu, Inc.	EQTY	192576106	81	2,213	SH		SOLE		2,213	0	0
Cisco Systems, Inc.	EQTY	17275R102	9,678	182,609	SH		SOLE		182,609	0	0
CSW Industrials, Inc.	EQTY	126402106	82	690	SH		SOLE		690	0	0
Chevron Corporation	EQTY	166764100	8,625	82,347	SH		SOLE		82,347	0	0
Digital Realty Trust, Inc.	EQTY	253868103	4,195	27,878	SH		SOLE		27,878	0	0
Duke Energy Corporation	EQTY	26441C204	9,122	92,404	SH		SOLE		92,404	0	0
Eagle Bancorp Montana, Inc.	EQTY	26942G100	83	3,620	SH		SOLE		3,620	0	0
Electromed, Inc.	EQTY	285409108	121	10,702	SH		SOLE		10,702	0	0
Emerson Electric Co.	EQTY	291011104	9,689	100,680	SH		SOLE		100,680	0	0
Enbridge Inc.	EQTY	29250N105	10,295	257,117	SH		SOLE		257,117	0	0
Facebook, Inc.	EQTY	30303M102	70	200	SH		SOLE		200	0	0
First Horizon Corporation	EQTY	320517105	3,917	226,695	SH		SOLE		226,695	0	0
L.B. Foster Company	EQTY	350060109	82	4,373	SH		SOLE		4,373	0	0
German American Bancorp, Inc.	EQTY	373865104	79	2,119	SH		SOLE		2,119	0	0
General Dynamics Corporation	EQTY	369550108	8,655	45,971	SH		SOLE		45,971	0	0
Gilead Sciences, Inc.	EQTY	375558103	9,822	142,633	SH		SOLE		142,633	0	0
General Mills, Inc.	EQTY	370334104	8,791	144,277	SH		SOLE		144,277	0	0
HP Inc.	EQTY	40434L105	10,436	345,683	SH		SOLE		345,683	0	0
Hawkins, Inc.	EQTY	420261109	80	2,437	SH		SOLE		2,437	0	0
International Business Machines Corporation	EQTY	459200101	8,541	58,268	SH		SOLE		58,268	0	0
Insteel Industries, Inc.	EQTY	45774W108	82	2,541	SH		SOLE		2,541	0	0
The Interpublic Group of Companies, Inc.	EQTY	460690100	5,414	166,643	SH		SOLE		166,643	0	0
Johnson & Johnson	EQTY	478160104	8,494	51,560	SH		SOLE		51,560	0	0
Johnson Outdoors Inc.	EQTY	479167108	83	684	SH		SOLE		684	0	0
Kimball Electronics, Inc.	EQTY	49428J109	136	6,264	SH		SOLE		6,264	0	0
Kimberly-Clark Corporation	EQTY	494368103	6,550	48,958	SH		SOLE		48,958	0	0
The Coca-Cola Company	EQTY	191216100	9,925	183,420	SH		SOLE		183,420	0	0
Lockheed Martin Corporation	EQTY	539830109	7,781	20,566	SH		SOLE		20,566	0	0
McDonald's Corporation	EQTY	580135101	9,390	40,652	SH		SOLE		40,652	0	0
Monarch Casino & Resort, Inc.	EQTY	609027107	81	1,229	SH		SOLE		1,229	0	0
The Marcus Corporation	EQTY	566330106	83	3,896	SH		SOLE		3,896	0	0
M/I Homes, Inc.	EQTY	55305B101	81	1,376	SH		SOLE		1,376	0	0
Altria Group, Inc.	EQTY	02209S103	6,298	132,099	SH		SOLE		132,099	0	0
Merck & Co., Inc.	EQTY	58933Y105	9,713	124,894	SH		SOLE		124,894	0	0
Marten Transport, Ltd.	EQTY	573075108	0	2	SH		SOLE		2	0	0
MYR Group Inc.	EQTY	55405W104	98	1,081	SH		SOLE		1,081	0	0
Nicolet Bankshares, Inc.	EQTY	65406E102	108	1,529	SH		SOLE		1,529	0	0
National HealthCare Corporation	EQTY	635906100	95	1,362	SH		SOLE		1,362	0	0
NETGEAR, Inc.	EQTY	64111Q104	93	2,427	SH		SOLE		2,427	0	0
Northern Trust Corporation	ETF	665859104	10,000	86,495	SH		SOLE		86,495	0	0
Organon & Co.	EQTY	68622V106	0	8	SH		SOLE		8	0	0
Paychex, Inc.	EQTY	704326107	8	72	SH		SOLE		72	0	0
Perma-Fix Environmental Services, Inc.	EQTY	714157203	116	16,176	SH		SOLE		16,176	0	0
Pfizer Inc.	EQTY	717081103	8,572	218,891	SH		SOLE		218,891	0	0
The Procter & Gamble Company	EQTY	742718109	9,756	72,308	SH		SOLE		72,308	0	0
Philip Morris International Inc.	EQTY	718172109	8,373	84,478	SH		SOLE		84,478	0	0
PPL Corporation	EQTY	69351T106	6,347	226,913	SH		SOLE		226,913	0	0
Prudential Financial, Inc.	EQTY	744320102	10,070	98,269	SH		SOLE		98,269	0	0
Phillips 66	EQTY	718546104	4,336	50,530	SH		SOLE		50,530	0	0
Renewable Energy Group, Inc.	EQTY	75972A301	116	1,859	SH		SOLE		1,859	0	0
Sturm, Ruger & Company, Inc.	EQTY	864159108	145	1,606	SH		SOLE		1,606	0	0
Rio Tinto Group	EQTY	767204100	5,218	62,206	SH		SOLE		62,206	0	0
Seneca Foods Corporation	EQTY	817070501	102	1,995	SH		SOLE		1,995	0	0
The Southern Company	EQTY	842587107	7,960	131,544	SH		SOLE		131,544	0	0
AT&T Inc.	EQTY	00206R102	9,311	323,514	SH		SOLE		323,514	0	0
Target Corporation	EQTY	87612E106	5,947	24,601	SH		SOLE		24,601	0	0
Timberland Bancorp, Inc.	EQTY	887098101	81	2,879	SH		SOLE		2,879	0	0
TotalEnergies SE	EQTY	89151E109	8	169	SH		SOLE		169	0	0
UFP Technologies, Inc.	EQTY	902673102	122	2,128	SH		SOLE		2,128	0	0
Ultralife Corporation	EQTY	903899102	79	9,464	SH		SOLE		9,464	0	0
United Parcel Service, Inc.	EQTY	911312106	8,851	42,557	SH		SOLE		42,557	0	0
U.S. Bancorp	EQTY	902973304	12,154	213,343	SH		SOLE		213,343	0	0
Verizon Communications Inc.	EQTY	92343V104	7,972	142,279	SH		SOLE		142,279	0	0
Weyco Group, Inc.	EQTY	962149100	112	4,991	SH		SOLE		4,991	0	0
Waste Management, Inc.	EQTY	94106L109	9,478	67,648	SH		SOLE		67,648	0	0
W. P. Carey Inc.	EQTY	92936U109	8,623	115,559	SH		SOLE		115,559	0	0
Exxon Mobil Corporation	EQTY	30231G102	5,237	83,026	SH		SOLE		83,026	0	0
iShares Trust - iShares Russell 1000 Value ETF	ETF	464287598	81	510	SH		SOLE		510	0	0
NuShares ETF Trust - Nuveen ESG Large-Cap Value ETF	ETF	67092P300	578	15,313	SH		SOLE		15,313	0	0
The Select Sector SPDR Trust - The Consumer Staples Select Sector SPDR Fund	ETF	81369Y308	38	542	SH		SOLE		542	0	0