Denali Advisors 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

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

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
1st Source Corporation COM 336901103 2 50 SH SOLE 50 0 0	COM	336901103	2	50	SH		SOLE		50	0	0
ACE Limited COM H0023R105 1729 16700 SH SOLE 10200 0 6500	COM	H0023R105	1,729	16,700	SH		SOLE		10,200	0	6,500
AFLAC Inc. COM 001055102 114 1700 SH SOLE 1700 0 0	COM	001055102	114	1,700	SH		SOLE		1,700	0	0
Activision Blizzard, Inc. COM 00507V109 772 43300 SH SOLE 8300 0 35000	COM	00507V109	772	43,300	SH		SOLE		8,300	0	35,000
Adams Resources & Energy COM 006351308 5 73 SH SOLE 73 0 0	COM	006351308	5	73	SH		SOLE		73	0	0
Advance Auto Parts Inc COM 00751Y106 111 1000 SH SOLE 1000 0 0	COM	00751Y106	111	1,000	SH		SOLE		1,000	0	0
Agco Corporation COM 001084102 237 4000 SH SOLE 4000 0 0	COM	001084102	237	4,000	SH		SOLE		4,000	0	0
Air Transport Services Grp COM 00922R105 1 142 SH SOLE 142 0 0	COM	00922R105	1	142	SH		SOLE		142	0	0
Alaska Air Group Inc COM 011659109 1636 22300 SH SOLE 8700 0 13600	COM	011659109	1,636	22,300	SH		SOLE		8,700	0	13,600
Alexanders Inc. COM 014752109 2 7 SH SOLE 7 0 0	COM	014752109	2	7	SH		SOLE		7	0	0
Alliant Energy Corp. COM 018802108 1336 25900 SH SOLE 4600 0 21300	COM	018802108	1,336	25,900	SH		SOLE		4,600	0	21,300
Allied World Assurance Co. COM H01531104 1252 11100 SH SOLE 3600 0 7500	COM	H01531104	1,252	11,100	SH		SOLE		3,600	0	7,500
AmTrust Financial Services COM 032359309 3 79 SH SOLE 79 0 0	COM	032359309	3	79	SH		SOLE		79	0	0
Amerco COM 023586100 2331 9800 SH SOLE 3200 0 6600	COM	023586100	2,331	9,800	SH		SOLE		3,200	0	6,600
American Airlines Group Inc. COM 02376R102 3379 133819 SH SOLE 43419 0 90400	COM	02376R102	3,379	133,819	SH		SOLE		43,419	0	90,400
American Capital, Ltd. COM 02503Y103 1215 77700 SH SOLE 24500 0 53200	COM	02503Y103	1,215	77,700	SH		SOLE		24,500	0	53,200
American Financial Group COM 025932104 5368 93000 SH SOLE 22800 0 70200	COM	025932104	5,368	93,000	SH		SOLE		22,800	0	70,200
American Intl Group, Inc. COM 026874784 1950 38200 SH SOLE 23300 0 14900	COM	026874784	1,950	38,200	SH		SOLE		23,300	0	14,900
American Water Works COM 030420103 1086 25700 SH SOLE 4800 0 20900	COM	030420103	1,086	25,700	SH		SOLE		4,800	0	20,900
Ameriprise Financial, Inc. COM 03076C106 771 6700 SH SOLE 400 0 6300	COM	03076C106	771	6,700	SH		SOLE		400	0	6,300
AmerisourceBergen Corp COM 03073E105 3691 52500 SH SOLE 19100 0 33400	COM	03073E105	3,691	52,500	SH		SOLE		19,100	0	33,400
Amkor Technology Inc COM 031652100 4 620 SH SOLE 620 0 0	COM	031652100	4	620	SH		SOLE		620	0	0
Apco Oil and Gas Int'l Inc. COM G0471F109 3 200 SH SOLE 200 0 0	COM	G0471F109	3	200	SH		SOLE		200	0	0
Apollo Education Group Inc. COM 037604105 1071 39200 SH SOLE 11100 0 28100	COM	037604105	1,071	39,200	SH		SOLE		11,100	0	28,100
Arch Capital Group Ltd. COM G0450A105 4930 82600 SH SOLE 18700 0 63900	COM	G0450A105	4,930	82,600	SH		SOLE		18,700	0	63,900
Archer Daniels Midland COM 039483102 564 13000 SH SOLE 13000 0 0	COM	039483102	564	13,000	SH		SOLE		13,000	0	0
Arkansas Best Corp COM 040790107 152 4500 SH SOLE 4500 0 0	COM	040790107	152	4,500	SH		SOLE		4,500	0	0
Arrow Electronics Inc COM 042735100 9456 174300 SH SOLE 52200 0 122100	COM	042735100	9,456	174,300	SH		SOLE		52,200	0	122,100
Assurant Inc. COM 04621X108 3179 47900 SH SOLE 13200 0 34700	COM	04621X108	3,179	47,900	SH		SOLE		13,200	0	34,700
AutoNation Inc. COM 05329W102 4333 87200 SH SOLE 26800 0 60400	COM	05329W102	4,333	87,200	SH		SOLE		26,800	0	60,400
Avis Budget Group, Inc. COM 053774105 2187 54100 SH SOLE 12300 0 41800	COM	053774105	2,187	54,100	SH		SOLE		12,300	0	41,800
Avnet Inc COM 053807103 9713 220200 SH SOLE 72100 0 148100	COM	053807103	9,713	220,200	SH		SOLE		72,100	0	148,100
Aware Inc. COM 05453N100 4 651 SH SOLE 651 0 0	COM	05453N100	4	651	SH		SOLE		651	0	0
Axis Capital Holdings Ltd COM G0692U109 3668 77100 SH SOLE 17100 0 60000	COM	G0692U109	3,668	77,100	SH		SOLE		17,100	0	60,000
BOK Financial Corp. COM 05561Q201 610 9200 SH SOLE 4000 0 5200	COM	05561Q201	610	9,200	SH		SOLE		4,000	0	5,200
BancFirst Corp OK COM 05945F103 2 36 SH SOLE 36 0 0	COM	05945F103	2	36	SH		SOLE		36	0	0
Bank of Kentucky Finl Corp COM 062896105 4 100 SH SOLE 100 0 0	COM	062896105	4	100	SH		SOLE		100	0	0
Bassett Furniture Industries COM 070203104 4 264 SH SOLE 264 0 0	COM	070203104	4	264	SH		SOLE		264	0	0
Becton Dickinson & Co. COM 075887109 44 400 SH SOLE 0 0 400	COM	075887109	44	400	SH		SOLE		0	0	400
Big Lots Inc COM 089302103 985 30500 SH SOLE 5000 0 25500	COM	089302103	985	30,500	SH		SOLE		5,000	0	25,500
Booz Allen Hamilton cl A COM 099502106 1978 103300 SH SOLE 33400 0 69900	COM	099502106	1,978	103,300	SH		SOLE		33,400	0	69,900
Bridgepoint Education, Inc. COM 10807M105 2 121 SH SOLE 121 0 0	COM	10807M105	2	121	SH		SOLE		121	0	0
Brooks Automation Inc COM 114340102 1 139 SH SOLE 139 0 0	COM	114340102	1	139	SH		SOLE		139	0	0
Brown-Forman cl B COM 115637209 98 1300 SH SOLE 0 0 1300	COM	115637209	98	1,300	SH		SOLE		0	0	1,300
Brunswick Corporation COM 117043109 2165 47000 SH SOLE 5500 0 41500	COM	117043109	2,165	47,000	SH		SOLE		5,500	0	41,500
Bunge Limited COM G16962105 9549 116300 SH SOLE 33100 0 83200	COM	G16962105	9,549	116,300	SH		SOLE		33,100	0	83,200
CA, Inc. COM 12673P105 623 18500 SH SOLE 8800 0 9700	COM	12673P105	623	18,500	SH		SOLE		8,800	0	9,700
CBRE Group Inc. COM 12504L109 1276 48500 SH SOLE 3100 0 45400	COM	12504L109	1,276	48,500	SH		SOLE		3,100	0	45,400
CIGNA Corporation COM 125509109 3595 41100 SH SOLE 16000 0 25100	COM	125509109	3,595	41,100	SH		SOLE		16,000	0	25,100
CNA Financial Corporation COM 126117100 6082 141800 SH SOLE 45500 0 96300	COM	126117100	6,082	141,800	SH		SOLE		45,500	0	96,300
CNO Financial Group, Inc. COM 12621E103 134 7600 SH SOLE 7600 0 0	COM	12621E103	134	7,600	SH		SOLE		7,600	0	0
Cabot Corporation COM 127055101 879 17100 SH SOLE 1100 0 16000	COM	127055101	879	17,100	SH		SOLE		1,100	0	16,000
Cal-Maine Foods Inc. COM 128030202 3 42 SH SOLE 42 0 0	COM	128030202	3	42	SH		SOLE		42	0	0
Campbell Soup Company COM 134429109 796 18400 SH SOLE 9400 0 9000	COM	134429109	796	18,400	SH		SOLE		9,400	0	9,000
Capella Education Co. COM 139594105 1 21 SH SOLE 21 0 0	COM	139594105	1	21	SH		SOLE		21	0	0
Cardinal Health Inc. COM 14149Y108 4336 64900 SH SOLE 28400 0 36500	COM	14149Y108	4,336	64,900	SH		SOLE		28,400	0	36,500
Carlisle Companies Inc. COM 142339100 254 3200 SH SOLE 3200 0 0	COM	142339100	254	3,200	SH		SOLE		3,200	0	0
Celanese Corp. COM 150870103 194 3500 SH SOLE 3500 0 0	COM	150870103	194	3,500	SH		SOLE		3,500	0	0
Center Bancorp Inc. COM 151408101 2 100 SH SOLE 100 0 0	COM	151408101	2	100	SH		SOLE		100	0	0
Century Bancorp cl A COM 156432106 3 100 SH SOLE 100 0 0	COM	156432106	3	100	SH		SOLE		100	0	0
Chevron Corp COM 166764100 3622 29000 SH SOLE 17800 0 11200	COM	166764100	3,622	29,000	SH		SOLE		17,800	0	11,200
Chubb Corp COM 171232101 1449 15000 SH SOLE 9800 0 5200	COM	171232101	1,449	15,000	SH		SOLE		9,800	0	5,200
Citizens & Northern Corp COM 172922106 4 200 SH SOLE 200 0 0	COM	172922106	4	200	SH		SOLE		200	0	0
Coca-Cola Bottling Cl A COM 191098102 1 10 SH SOLE 10 0 0	COM	191098102	1	10	SH		SOLE		10	0	0
Coleman Cable Inc. COM 193459302 1 38 SH SOLE 38 0 0	COM	193459302	1	38	SH		SOLE		38	0	0
Community Trust Bancorp COM 204149108 1 17 SH SOLE 17 0 0	COM	204149108	1	17	SH		SOLE		17	0	0
Con-way Inc. COM 205944101 143 3600 SH SOLE 3600 0 0	COM	205944101	143	3,600	SH		SOLE		3,600	0	0
Corrections Corp of America COM 22025Y407 449 14000 SH SOLE 14000 0 0	COM	22025Y407	449	14,000	SH		SOLE		14,000	0	0
Crawford & Co cl A COM 224633206 4 500 SH SOLE 500 0 0	COM	224633206	4	500	SH		SOLE		500	0	0
Credit Acceptance Corp COM 225310101 3 22 SH SOLE 22 0 0	COM	225310101	3	22	SH		SOLE		22	0	0
Cubic Corporation COM 229669106 1 24 SH SOLE 24 0 0	COM	229669106	1	24	SH		SOLE		24	0	0
Culp Inc. COM 230215105 0 20 SH SOLE 20 0 0	COM	230215105	0	20	SH		SOLE		20	0	0
DISH Network Corp Cl A COM 25470M109 481 8300 SH SOLE 500 0 7800	COM	25470M109	481	8,300	SH		SOLE		500	0	7,800
DST Systems Inc. COM 233326107 1225 13500 SH SOLE 5500 0 8000	COM	233326107	1,225	13,500	SH		SOLE		5,500	0	8,000
DTE Energy Company COM 233331107 664 10000 SH SOLE 700 0 9300	COM	233331107	664	10,000	SH		SOLE		700	0	9,300
Diamond Offshore Drilling Inc. COM 25271C102 6603 116000 SH SOLE 29100 0 86900	COM	25271C102	6,603	116,000	SH		SOLE		29,100	0	86,900
Dillards Inc cl A COM 254067101 7262 74700 SH SOLE 19200 0 55500	COM	254067101	7,262	74,700	SH		SOLE		19,200	0	55,500
Domtar Corp. COM 257559203 2717 28800 SH SOLE 6200 0 22600	COM	257559203	2,717	28,800	SH		SOLE		6,200	0	22,600
Donegal Group Inc. cl A COM 257701201 2 135 SH SOLE 135 0 0	COM	257701201	2	135	SH		SOLE		135	0	0
Dover Corporation COM 260003108 2887 29900 SH SOLE 15800 0 14100	COM	260003108	2,887	29,900	SH		SOLE		15,800	0	14,100
EMC Insurance Group COM 268664109 3 100 SH SOLE 100 0 0	COM	268664109	3	100	SH		SOLE		100	0	0
EZCORP Inc. COM 302301106 1 123 SH SOLE 123 0 0	COM	302301106	1	123	SH		SOLE		123	0	0
Empire District Electric Co. COM 291641108 1 26 SH SOLE 26 0 0	COM	291641108	1	26	SH		SOLE		26	0	0
Employers Holdings, Inc. COM 292218104 2 65 SH SOLE 65 0 0	COM	292218104	2	65	SH		SOLE		65	0	0
Ennis Inc COM 293389102 4 230 SH SOLE 230 0 0	COM	293389102	4	230	SH		SOLE		230	0	0
Entercom Communications COM 293639100 5 464 SH SOLE 464 0 0	COM	293639100	5	464	SH		SOLE		464	0	0
Entergy Corp COM 29364G103 7055 111500 SH SOLE 32100 0 79400	COM	29364G103	7,055	111,500	SH		SOLE		32,100	0	79,400
Enterprise Financial Services COM 293712105 4 200 SH SOLE 200 0 0	COM	293712105	4	200	SH		SOLE		200	0	0
Everest Re Group Ltd COM G3223R108 4053 26000 SH SOLE 8200 0 17800	COM	G3223R108	4,053	26,000	SH		SOLE		8,200	0	17,800
Exelis Inc. COM 30162A108 2140 112300 SH SOLE 25900 0 86400	COM	30162A108	2,140	112,300	SH		SOLE		25,900	0	86,400
Exxon Mobil Corporation COM 30231G102 5596 55300 SH SOLE 34600 0 20700	COM	30231G102	5,596	55,300	SH		SOLE		34,600	0	20,700
FBL Financial Group cl A COM 30239F106 1 16 SH SOLE 16 0 0	COM	30239F106	1	16	SH		SOLE		16	0	0
Fifth Third Bancorp COM 316773100 5032 239300 SH SOLE 77600 0 161700	COM	316773100	5,032	239,300	SH		SOLE		77,600	0	161,700
First Financial Corp (IN) COM 320218100 4 100 SH SOLE 100 0 0	COM	320218100	4	100	SH		SOLE		100	0	0
First Interstate BancSystem A COM 32055Y201 3 111 SH SOLE 111 0 0	COM	32055Y201	3	111	SH		SOLE		111	0	0
First Republic Bank COM 33616C100 3068 58600 SH SOLE 12900 0 45700	COM	33616C100	3,068	58,600	SH		SOLE		12,900	0	45,700
Five Star Quality Care COM 33832D106 5 841 SH SOLE 841 0 0	COM	33832D106	5	841	SH		SOLE		841	0	0
Foot Locker Inc COM 344849104 3647 88000 SH SOLE 28200 0 59800	COM	344849104	3,647	88,000	SH		SOLE		28,200	0	59,800
Ford Motor Company COM 345370860 2111 136800 SH SOLE 82900 0 53900	COM	345370860	2,111	136,800	SH		SOLE		82,900	0	53,900
Fortegra Financial Corp. COM 34954W104 3 362 SH SOLE 362 0 0	COM	34954W104	3	362	SH		SOLE		362	0	0
Franklin Resources, Inc. COM 354613101 1455 25200 SH SOLE 15400 0 9800	COM	354613101	1,455	25,200	SH		SOLE		15,400	0	9,800
GAMCO Investors, Inc. COM 361438104 3 38 SH SOLE 38 0 0	COM	361438104	3	38	SH		SOLE		38	0	0
Gannett Co. Inc. COM 364730101 6528 220700 SH SOLE 66900 0 153800	COM	364730101	6,528	220,700	SH		SOLE		66,900	0	153,800
General Dynamics Corp. COM 369550108 506 5300 SH SOLE 3000 0 2300	COM	369550108	506	5,300	SH		SOLE		3,000	0	2,300
General Electric Co COM 369604103 356 12700 SH SOLE 7800 0 4900	COM	369604103	356	12,700	SH		SOLE		7,800	0	4,900
Genuine Parts Company COM 372460105 2421 29100 SH SOLE 4200 0 24900	COM	372460105	2,421	29,100	SH		SOLE		4,200	0	24,900
Global Sources Ltd. COM G39300101 4 500 SH SOLE 500 0 0	COM	G39300101	4	500	SH		SOLE		500	0	0
Gordmans Stores, Inc. COM 38269P100 2 251 SH SOLE 251 0 0	COM	38269P100	2	251	SH		SOLE		251	0	0
Graham Holdings Company COM 384637104 199 300 SH SOLE 300 0 0	COM	384637104	199	300	SH		SOLE		300	0	0
Great Southern Bancorp COM 390905107 4 116 SH SOLE 116 0 0	COM	390905107	4	116	SH		SOLE		116	0	0
HCA Holdings Inc. COM 40412C101 4480 93900 SH SOLE 28700 0 65200	COM	40412C101	4,480	93,900	SH		SOLE		28,700	0	65,200
Hallador Energy Company COM 406092304 3 331 SH SOLE 331 0 0	COM	406092304	3	331	SH		SOLE		331	0	0
Handy & Harman Ltd. COM 410315105 4 163 SH SOLE 163 0 0	COM	410315105	4	163	SH		SOLE		163	0	0
Hanesbrands, Inc. COM 410345102 422 6000 SH SOLE 400 0 5600	COM	410345102	422	6,000	SH		SOLE		400	0	5,600
Harris Corporation COM 413875105 7274 104200 SH SOLE 36900 0 67300	COM	413875105	7,274	104,200	SH		SOLE		36,900	0	67,300
Hawaiian Holdings Inc. COM 419879101 2 157 SH SOLE 157 0 0	COM	419879101	2	157	SH		SOLE		157	0	0
Hawaiian Telcom Holdco, Inc. COM 420031106 4 147 SH SOLE 147 0 0	COM	420031106	4	147	SH		SOLE		147	0	0
HealthSouth Corporation COM 421924309 7232 217040 SH SOLE 63340 0 153700	COM	421924309	7,232	217,040	SH		SOLE		63,340	0	153,700
Heartland Financial USA COM 42234Q102 4 149 SH SOLE 149 0 0	COM	42234Q102	4	149	SH		SOLE		149	0	0
Horace Mann Educators COM 440327104 3 85 SH SOLE 85 0 0	COM	440327104	3	85	SH		SOLE		85	0	0
Hormel Foods Corp COM 440452100 560 12400 SH SOLE 12400 0 0	COM	440452100	560	12,400	SH		SOLE		12,400	0	0
Hubbell Inc cl B COM 443510201 773 7100 SH SOLE 500 0 6600	COM	443510201	773	7,100	SH		SOLE		500	0	6,600
Humana Inc. COM 444859102 1569 15200 SH SOLE 7400 0 7800	COM	444859102	1,569	15,200	SH		SOLE		7,400	0	7,800
IDT Corp Class B COM 448947507 1 36 SH SOLE 36 0 0	COM	448947507	1	36	SH		SOLE		36	0	0
IXYS Corporation COM 46600W106 4 300 SH SOLE 300 0 0	COM	46600W106	4	300	SH		SOLE		300	0	0
Igate Corporation COM 45169U105 1 20 SH SOLE 20 0 0	COM	45169U105	1	20	SH		SOLE		20	0	0
Illinois Tool Works Inc. COM 452308109 2211 26300 SH SOLE 16600 0 9700	COM	452308109	2,211	26,300	SH		SOLE		16,600	0	9,700
Independence Holding Co. COM 453440307 2 160 SH SOLE 160 0 0	COM	453440307	2	160	SH		SOLE		160	0	0
Independent Bank MI COM 453838609 1 100 SH SOLE 100 0 0	COM	453838609	1	100	SH		SOLE		100	0	0
Ingles Markets cl A COM 457030104 1 45 SH SOLE 45 0 0	COM	457030104	1	45	SH		SOLE		45	0	0
Ingram Micro Inc. COM 457153104 3193 136100 SH SOLE 31700 0 104400	COM	457153104	3,193	136,100	SH		SOLE		31,700	0	104,400
Ingredion Incorporated COM 457187102 1492 21800 SH SOLE 1400 0 20400	COM	457187102	1,492	21,800	SH		SOLE		1,400	0	20,400
Insight Enterprises, Inc. COM 45765U103 3 120 SH SOLE 120 0 0	COM	45765U103	3	120	SH		SOLE		120	0	0
Intel Corporation COM 458140100 581 22400 SH SOLE 11800 0 10600	COM	458140100	581	22,400	SH		SOLE		11,800	0	10,600
Inter Parfums, Inc. COM 458334109 2 65 SH SOLE 65 0 0	COM	458334109	2	65	SH		SOLE		65	0	0
International Bancshares COM 459044103 3 116 SH SOLE 116 0 0	COM	459044103	3	116	SH		SOLE		116	0	0
International Shipholding COM 460321201 4 136 SH SOLE 136 0 0	COM	460321201	4	136	SH		SOLE		136	0	0
Intersections, Inc. COM 460981301 1 141 SH SOLE 141 0 0	COM	460981301	1	141	SH		SOLE		141	0	0
Investors Bancorp, Inc. COM 46146P102 0 19 SH SOLE 19 0 0	COM	46146P102	0	19	SH		SOLE		19	0	0
Iridium Communications Inc COM 46269C102 1 206 SH SOLE 206 0 0	COM	46269C102	1	206	SH		SOLE		206	0	0
JPMorgan Chase & Co COM 46625H100 3152 53900 SH SOLE 33100 0 20800	COM	46625H100	3,152	53,900	SH		SOLE		33,100	0	20,800
JTH Hldg Inc cl A DBA liberty COM 46637N103 3 132 SH SOLE 132 0 0	COM	46637N103	3	132	SH		SOLE		132	0	0
Jabil Circuit Inc. COM 466313103 3716 213100 SH SOLE 59300 0 153800	COM	466313103	3,716	213,100	SH		SOLE		59,300	0	153,800
Jacobs Engineering Group COM 469814107 561 8900 SH SOLE 2400 0 6500	COM	469814107	561	8,900	SH		SOLE		2,400	0	6,500
John Wiley & Sons cl A COM 968223206 2600 47100 SH SOLE 9500 0 37600	COM	968223206	2,600	47,100	SH		SOLE		9,500	0	37,600
Johnson Outdoors Inc. COM 479167108 4 139 SH SOLE 139 0 0	COM	479167108	4	139	SH		SOLE		139	0	0
Jones Lang LaSalle Inc COM 48020Q107 5846 57100 SH SOLE 15700 0 41400	COM	48020Q107	5,846	57,100	SH		SOLE		15,700	0	41,400
Journal Communications Inc. COM 481130102 2 172 SH SOLE 172 0 0	COM	481130102	2	172	SH		SOLE		172	0	0
KBR, Inc. COM 48242W106 175 5500 SH SOLE 5500 0 0	COM	48242W106	175	5,500	SH		SOLE		5,500	0	0
Kadant Inc COM 48282T104 3 81 SH SOLE 81 0 0	COM	48282T104	3	81	SH		SOLE		81	0	0
Kansas City Life Insurance COM 484836101 3 67 SH SOLE 67 0 0	COM	484836101	3	67	SH		SOLE		67	0	0
Kelly Services cl A COM 488152208 3 104 SH SOLE 104 0 0	COM	488152208	3	104	SH		SOLE		104	0	0
Kohl's Corporation COM 500255104 970 17100 SH SOLE 5600 0 11500	COM	500255104	970	17,100	SH		SOLE		5,600	0	11,500
Kroger Company COM 501044101 953 24100 SH SOLE 11700 0 12400	COM	501044101	953	24,100	SH		SOLE		11,700	0	12,400
L-3 Communications COM 502424104 7822 73200 SH SOLE 18700 0 54500	COM	502424104	7,822	73,200	SH		SOLE		18,700	0	54,500
Lear Corporation COM 521865204 4567 56400 SH SOLE 12300 0 44100	COM	521865204	4,567	56,400	SH		SOLE		12,300	0	44,100
Leucadia National Corp. COM 527288104 4214 148700 SH SOLE 53900 0 94800	COM	527288104	4,214	148,700	SH		SOLE		53,900	0	94,800
Loews Corp COM 540424108 2243 46500 SH SOLE 28500 0 18000	COM	540424108	2,243	46,500	SH		SOLE		28,500	0	18,000
MRC Global Inc. COM 55345K103 429 13300 SH SOLE 800 0 12500	COM	55345K103	429	13,300	SH		SOLE		800	0	12,500
Mainsource Financial Grp COM 56062Y102 4 200 SH SOLE 200 0 0	COM	56062Y102	4	200	SH		SOLE		200	0	0
ManTech International A COM 564563104 3 84 SH SOLE 84 0 0	COM	564563104	3	84	SH		SOLE		84	0	0
Marten Transport, Ltd. COM 573075108 1 60 SH SOLE 60 0 0	COM	573075108	1	60	SH		SOLE		60	0	0
Matthews International Corp COM 577128101 2 54 SH SOLE 54 0 0	COM	577128101	2	54	SH		SOLE		54	0	0
McClatchy Co. cl A COM 579489105 4 1200 SH SOLE 1200 0 0	COM	579489105	4	1,200	SH		SOLE		1,200	0	0
Mercantile Bank Corp COM 587376104 4 180 SH SOLE 180 0 0	COM	587376104	4	180	SH		SOLE		180	0	0
Molson Coors Brewing Co. COM 60871R209 1544 27500 SH SOLE 7400 0 20100	COM	60871R209	1,544	27,500	SH		SOLE		7,400	0	20,100
Mueller Industries, Inc. COM 624756102 1 23 SH SOLE 23 0 0	COM	624756102	1	23	SH		SOLE		23	0	0
Multi-Color Corp. COM 625383104 600 15900 SH SOLE 3900 0 12000	COM	625383104	600	15,900	SH		SOLE		3,900	0	12,000
NACCO Industries Inc A COM 629579103 3 48 SH SOLE 48 0 0	COM	629579103	3	48	SH		SOLE		48	0	0
NN Inc. COM 629337106 3 134 SH SOLE 134 0 0	COM	629337106	3	134	SH		SOLE		134	0	0
National Healthcare Corp COM 635906100 1 19 SH SOLE 19 0 0	COM	635906100	1	19	SH		SOLE		19	0	0
National Interstate Corp COM 63654U100 4 158 SH SOLE 158 0 0	COM	63654U100	4	158	SH		SOLE		158	0	0
National Western Life Insuranc COM 638522102 0 2 SH SOLE 2 0 0	COM	638522102	0	2	SH		SOLE		2	0	0
Navigators Group Inc COM 638904102 1 13 SH SOLE 13 0 0	COM	638904102	1	13	SH		SOLE		13	0	0
Nelnet Inc COM 64031N108 2 58 SH SOLE 58 0 0	COM	64031N108	2	58	SH		SOLE		58	0	0
New Mountain Finance Corp COM 647551100 2 155 SH SOLE 155 0 0	COM	647551100	2	155	SH		SOLE		155	0	0
Norfolk Southern Corp COM 655844108 520 5600 SH SOLE 3600 0 2000	COM	655844108	520	5,600	SH		SOLE		3,600	0	2,000
Northrop Grumman Corp COM 666807102 2372 20700 SH SOLE 12600 0 8100	COM	666807102	2,372	20,700	SH		SOLE		12,600	0	8,100
Northstar Realty Finance Corp. COM 66704R100 1595 118600 SH SOLE 30800 0 87800	COM	66704R100	1,595	118,600	SH		SOLE		30,800	0	87,800
Nu Skin Enterprises Inc. COM 67018T105 733 5300 SH SOLE 300 0 5000	COM	67018T105	733	5,300	SH		SOLE		300	0	5,000
Nutraceutical Int'l Corp COM 67060Y101 3 129 SH SOLE 129 0 0	COM	67060Y101	3	129	SH		SOLE		129	0	0
OceanFirst Financial COM 675234108 3 161 SH SOLE 161 0 0	COM	675234108	3	161	SH		SOLE		161	0	0
Omnova Solutions Inc. COM 682129101 2 258 SH SOLE 258 0 0	COM	682129101	2	258	SH		SOLE		258	0	0
Oshkosh Corporation COM 688239201 640 12700 SH SOLE 6300 0 6400	COM	688239201	640	12,700	SH		SOLE		6,300	0	6,400
PC Connection, Inc. COM 69318J100 4 157 SH SOLE 157 0 0	COM	69318J100	4	157	SH		SOLE		157	0	0
PPL Corp COM 69351T106 111 3700 SH SOLE 3700 0 0	COM	69351T106	111	3,700	SH		SOLE		3,700	0	0
Park National Corp OH COM 700658107 2 25 SH SOLE 25 0 0	COM	700658107	2	25	SH		SOLE		25	0	0
Park-Ohio Holdings Co COM 700666100 1 27 SH SOLE 27 0 0	COM	700666100	1	27	SH		SOLE		27	0	0
Phillips 66 COM 718546104 162 2100 SH SOLE 0 0 2100	COM	718546104	162	2,100	SH		SOLE		0	0	2,100
Pitney Bowes Inc. COM 724479100 1962 84200 SH SOLE 5300 0 78900	COM	724479100	1,962	84,200	SH		SOLE		5,300	0	78,900
Preformed Line Products COM 740444104 5 62 SH SOLE 62 0 0	COM	740444104	5	62	SH		SOLE		62	0	0
Principal Financial Group COM 74251V102 4541 92100 SH SOLE 25500 0 66600	COM	74251V102	4,541	92,100	SH		SOLE		25,500	0	66,600
Protective Life Corp. COM 743674103 1469 29000 SH SOLE 5800 0 23200	COM	743674103	1,469	29,000	SH		SOLE		5,800	0	23,200
Public Service Enterprise Grp COM 744573106 1628 50800 SH SOLE 16200 0 34600	COM	744573106	1,628	50,800	SH		SOLE		16,200	0	34,600
Rayonier Inc. COM 754907103 3014 71600 SH SOLE 15900 0 55700	COM	754907103	3,014	71,600	SH		SOLE		15,900	0	55,700
Raytheon Company COM 755111507 943 10400 SH SOLE 6500 0 3900	COM	755111507	943	10,400	SH		SOLE		6,500	0	3,900
Regal Entertainment Group COM 758766109 1033 53100 SH SOLE 3400 0 49700	COM	758766109	1,033	53,100	SH		SOLE		3,400	0	49,700
Reinsurance Group of America COM 759351604 7191 92900 SH SOLE 30300 0 62600	COM	759351604	7,191	92,900	SH		SOLE		30,300	0	62,600
Remy International Inc. COM 759663107 4 170 SH SOLE 170 0 0	COM	759663107	4	170	SH		SOLE		170	0	0
Renewable Energy Grp Inc COM 75972A301 4 347 SH SOLE 347 0 0	COM	75972A301	4	347	SH		SOLE		347	0	0
Republic Bancorp KY COM 760281204 1 38 SH SOLE 38 0 0	COM	760281204	1	38	SH		SOLE		38	0	0
Reynolds American Inc COM 761713106 1975 39500 SH SOLE 24100 0 15400	COM	761713106	1,975	39,500	SH		SOLE		24,100	0	15,400
Ryder System Inc. COM 783549108 3940 53400 SH SOLE 17700 0 35700	COM	783549108	3,940	53,400	SH		SOLE		17,700	0	35,700
S&T Bancorp Inc. COM 783859101 1 41 SH SOLE 41 0 0	COM	783859101	1	41	SH		SOLE		41	0	0
S.Y. Bancorp, Inc COM 785060104 0 13 SH SOLE 13 0 0	COM	785060104	0	13	SH		SOLE		13	0	0
SL Green Realty Corp. COM 78440X101 952 10300 SH SOLE 3400 0 6900	COM	78440X101	952	10,300	SH		SOLE		3,400	0	6,900
SLM Corporation COM 78442P106 4504 171400 SH SOLE 51100 0 120300	COM	78442P106	4,504	171,400	SH		SOLE		51,100	0	120,300
Salem Communications Cl A COM 794093104 1 82 SH SOLE 82 0 0	COM	794093104	1	82	SH		SOLE		82	0	0
Sanmina Corp COM 800907206 3 175 SH SOLE 175 0 0	COM	800907206	3	175	SH		SOLE		175	0	0
Saratoga Investment Corp. COM 80349A208 4 254 SH SOLE 254 0 0	COM	80349A208	4	254	SH		SOLE		254	0	0
ScanSource, Inc. COM 806037107 2 57 SH SOLE 57 0 0	COM	806037107	2	57	SH		SOLE		57	0	0
Scana Corporation COM 80589M102 1169 24900 SH SOLE 6900 0 18000	COM	80589M102	1,169	24,900	SH		SOLE		6,900	0	18,000
Scripps Networks Interact. COM 811065101 1452 16800 SH SOLE 5300 0 11500	COM	811065101	1,452	16,800	SH		SOLE		5,300	0	11,500
Select Medical Holdings Corp COM 81619Q105 3 275 SH SOLE 275 0 0	COM	81619Q105	3	275	SH		SOLE		275	0	0
Snap-On Inc. COM 833034101 1446 13200 SH SOLE 2500 0 10700	COM	833034101	1,446	13,200	SH		SOLE		2,500	0	10,700
Sonic Automotive, Inc. COM 83545G102 1 51 SH SOLE 51 0 0	COM	83545G102	1	51	SH		SOLE		51	0	0
Southern Copper Corp. COM 84265V105 815 28400 SH SOLE 17800 0 10600	COM	84265V105	815	28,400	SH		SOLE		17,800	0	10,600
Standex Intl Corp. COM 854231107 1 18 SH SOLE 18 0 0	COM	854231107	1	18	SH		SOLE		18	0	0
Starz Series A Liberty Capital COM 85571Q102 2114 72300 SH SOLE 16200 0 56100	COM	85571Q102	2,114	72,300	SH		SOLE		16,200	0	56,100
Steelcase Inc cl A COM 858155203 749 47200 SH SOLE 10500 0 36700	COM	858155203	749	47,200	SH		SOLE		10,500	0	36,700
Stepan Company COM 858586100 2 35 SH SOLE 35 0 0	COM	858586100	2	35	SH		SOLE		35	0	0
Stoneridge, Inc. COM 86183P102 1 44 SH SOLE 44 0 0	COM	86183P102	1	44	SH		SOLE		44	0	0
Superior Industries Int'l COM 868168105 3 158 SH SOLE 158 0 0	COM	868168105	3	158	SH		SOLE		158	0	0
Symetra Financial Corp COM 87151Q106 3 174 SH SOLE 174 0 0	COM	87151Q106	3	174	SH		SOLE		174	0	0
Synnex Corp COM 87162W100 4 53 SH SOLE 53 0 0	COM	87162W100	4	53	SH		SOLE		53	0	0
Syntel Inc. COM 87162H103 2 19 SH SOLE 19 0 0	COM	87162H103	2	19	SH		SOLE		19	0	0
TESSCO Technologies, Inc. COM 872386107 4 100 SH SOLE 100 0 0	COM	872386107	4	100	SH		SOLE		100	0	0
TRC Companies Inc. COM 872625108 4 542 SH SOLE 542 0 0	COM	872625108	4	542	SH		SOLE		542	0	0
TRW Automotive Hldgs Corp. COM 87264S106 9745 131000 SH SOLE 42100 0 88900	COM	87264S106	9,745	131,000	SH		SOLE		42,100	0	88,900
TeleTech Holdings Inc COM 879939106 3 114 SH SOLE 114 0 0	COM	879939106	3	114	SH		SOLE		114	0	0
Timken Company COM 887389104 3073 55800 SH SOLE 13600 0 42200	COM	887389104	3,073	55,800	SH		SOLE		13,600	0	42,200
Towers Watson & Co Cl A COM 891894107 485 3800 SH SOLE 200 0 3600	COM	891894107	485	3,800	SH		SOLE		200	0	3,600
Towne Bank COM 89214P109 4 258 SH SOLE 258 0 0	COM	89214P109	4	258	SH		SOLE		258	0	0
Tyson Foods Inc COM 902494103 3721 111200 SH SOLE 32900 0 78300	COM	902494103	3,721	111,200	SH		SOLE		32,900	0	78,300
USA Mobility, Inc COM 90341G103 5 334 SH SOLE 334 0 0	COM	90341G103	5	334	SH		SOLE		334	0	0
USANA Health Sciences, Inc. COM 90328M107 3 34 SH SOLE 34 0 0	COM	90328M107	3	34	SH		SOLE		34	0	0
Ultra Clean Holdings, Inc. COM 90385V107 2 219 SH SOLE 219 0 0	COM	90385V107	2	219	SH		SOLE		219	0	0
United Stationers, Inc. COM 913004107 2 49 SH SOLE 49 0 0	COM	913004107	2	49	SH		SOLE		49	0	0
Universal Corporation COM 913456109 3 52 SH SOLE 52 0 0	COM	913456109	3	52	SH		SOLE		52	0	0
Universal Truckload Services COM 91388P105 2 50 SH SOLE 50 0 0	COM	91388P105	2	50	SH		SOLE		50	0	0
VOXX International Corp cl A COM 91829F104 1 75 SH SOLE 75 0 0	COM	91829F104	1	75	SH		SOLE		75	0	0
Valmont Industries Inc COM 920253101 477 3200 SH SOLE 200 0 3000	COM	920253101	477	3,200	SH		SOLE		200	0	3,000
Village Super Market COM 927107409 4 122 SH SOLE 122 0 0	COM	927107409	4	122	SH		SOLE		122	0	0
Vishay Intertechnology Inc. COM 928298108 102 7700 SH SOLE 7700 0 0	COM	928298108	102	7,700	SH		SOLE		7,700	0	0
Vonage Holdings Corp. COM 92886T201 3 863 SH SOLE 863 0 0	COM	92886T201	3	863	SH		SOLE		863	0	0
W&T Offshore Inc. COM 92922P106 1 87 SH SOLE 87 0 0	COM	92922P106	1	87	SH		SOLE		87	0	0
Wal-Mart Stores, Inc. COM 931142103 2132 27100 SH SOLE 18400 0 8700	COM	931142103	2,132	27,100	SH		SOLE		18,400	0	8,700
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Waterstone Financial, Inc. COM 941888109 4 352 SH SOLE 352 0 0	COM	941888109	4	352	SH		SOLE		352	0	0
Weis Markets Inc. COM 948849104 2 39 SH SOLE 39 0 0	COM	948849104	2	39	SH		SOLE		39	0	0
WesBanco Inc. COM 950810101 1 38 SH SOLE 38 0 0	COM	950810101	1	38	SH		SOLE		38	0	0
Wesco Aircraft Hldgs COM 950814103 3 124 SH SOLE 124 0 0	COM	950814103	3	124	SH		SOLE		124	0	0
Western Union COM 959802109 1506 87300 SH SOLE 23500 0 63800	COM	959802109	1,506	87,300	SH		SOLE		23,500	0	63,800
Westlake Chemical Corp COM 960413102 1331 10900 SH SOLE 2700 0 8200	COM	960413102	1,331	10,900	SH		SOLE		2,700	0	8,200
Weyco Group Inc. COM 962149100 4 134 SH SOLE 134 0 0	COM	962149100	4	134	SH		SOLE		134	0	0
Whirlpool Corporation COM 963320106 580 3700 SH SOLE 2900 0 800	COM	963320106	580	3,700	SH		SOLE		2,900	0	800
WhiteHorse Finance, Inc. COM 96524V106 3 200 SH SOLE 200 0 0	COM	96524V106	3	200	SH		SOLE		200	0	0
World Fuel Services Corp COM 981475106 4998 115800 SH SOLE 29800 0 86000	COM	981475106	4,998	115,800	SH		SOLE		29,800	0	86,000
World Wrestling Entertainment COM 98156Q108 1 84 SH SOLE 84 0 0	COM	98156Q108	1	84	SH		SOLE		84	0	0
Xerox Corporation COM 984121103 2198 180600 SH SOLE 110700 0 69900	COM	984121103	2,198	180,600	SH		SOLE		110,700	0	69,900
ePlus Inc. COM 294268107 4 68 SH SOLE 68 0 0	COM	294268107	4	68	SH		SOLE		68	0	0