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
ACE Limited	COM	H0023R105	2,167	20,900	SH		SOLE		14,200	0	6,700
AFLAC Inc.	COM	001055102	261	4,200	SH		SOLE		4,200	0	0
Activision Blizzard, Inc.	COM	00507V109	7,214	323,500	SH		SOLE		102,900	0	220,600
Adams Resources & Energy	COM	006351308	7	86	SH		SOLE		86	0	0
Advance Auto Parts Inc	COM	00751Y106	135	1,000	SH		SOLE		1,000	0	0
Agco Corporation	COM	001084102	3,896	69,300	SH		SOLE		20,000	0	49,300
Alamo Group Inc.	COM	011311107	3	58	SH		SOLE		58	0	0
Alexanders Inc.	COM	014752109	3	7	SH		SOLE		7	0	0
Alliant Energy Corp.	COM	018802108	1,576	25,900	SH		SOLE		4,600	0	21,300
Almost Family Inc.	COM	020409108	1	27	SH		SOLE		27	0	0
Amdocs Limited	COM	G02602103	37	800	SH		SOLE		800	0	0
Amerco	COM	023586100	8,287	28,500	SH		SOLE		9,600	0	18,900
American Capital, Ltd.	COM	02503Y103	5,390	352,500	SH		SOLE		88,300	0	264,200
American Financial Group	COM	025932104	5,527	92,800	SH		SOLE		22,600	0	70,200
American Intl Group, Inc.	COM	026874784	2,642	48,400	SH		SOLE		32,800	0	15,600
American Water Works	COM	030420103	1,271	25,700	SH		SOLE		4,800	0	20,900
AmerisourceBergen Corp	COM	03073E105	683	9,400	SH		SOLE		4,800	0	4,600
Amkor Technology Inc	COM	031652100	2	204	SH		SOLE		204	0	0
Annaly Capital Mgmt.	COM	035710409	4,230	370,100	SH		SOLE		98,800	0	271,300
Arch Capital Group Ltd.	COM	G0450A105	6,399	111,400	SH		SOLE		34,600	0	76,800
Arlington Asset Investmnt Corp	COM	041356205	5	200	SH		SOLE		200	0	0
Arrow Electronics Inc	COM	042735100	7,322	121,200	SH		SOLE		40,500	0	80,700
Assurant Inc.	COM	04621X108	4,477	68,300	SH		SOLE		18,400	0	49,900
Atwood Oceanics Inc	COM	050095108	2,251	42,900	SH		SOLE		11,800	0	31,100
AutoNation Inc.	COM	05329W102	5,198	87,100	SH		SOLE		27,900	0	59,200
Avnet Inc	COM	053807103	9,380	211,700	SH		SOLE		75,900	0	135,800
Aware Inc.	COM	05453N100	4	651	SH		SOLE		651	0	0
Axis Capital Holdings Ltd	COM	G0692U109	3,069	69,300	SH		SOLE		16,600	0	52,700
BB&T Corp	COM	054937107	1,400	35,500	SH		SOLE		23,000	0	12,500
BOK Financial Corp.	COM	05561Q201	2,564	38,500	SH		SOLE		11,400	0	27,100
BancFirst Corp OK	COM	05945F103	3	53	SH		SOLE		53	0	0
Bassett Furniture Industries	COM	070203104	5	345	SH		SOLE		345	0	0
Becton Dickinson & Co.	COM	075887109	887	7,500	SH		SOLE		4,300	0	3,200
Boise Cascade Corp	COM	097383103	3	100	SH		SOLE		100	0	0
Booz Allen Hamilton cl A	COM	099502106	2,937	138,300	SH		SOLE		35,700	0	102,600
Bridgepoint Education, Inc.	COM	10807M105	2	121	SH		SOLE		121	0	0
Brooks Automation Inc	COM	114340102	3	239	SH		SOLE		239	0	0
Brown-Forman cl B	COM	115637209	1,083	11,500	SH		SOLE		8,800	0	2,700
Brunswick Corporation	COM	117043109	2,359	56,000	SH		SOLE		16,600	0	39,400
Bunge Limited	COM	G16962105	8,033	106,200	SH		SOLE		29,300	0	76,900
CA, Inc.	COM	12673P105	8,769	305,100	SH		SOLE		83,500	0	221,600
CAI International, Inc.	COM	12477X106	7	301	SH		SOLE		301	0	0
CBRE Group Inc.	COM	12504L109	1,862	58,100	SH		SOLE		12,700	0	45,400
CIGNA Corporation	COM	125509109	4,047	44,000	SH		SOLE		18,500	0	25,500
CNA Financial Corporation	COM	126117100	6,649	164,500	SH		SOLE		57,500	0	107,000
CVR Energy, Inc.	COM	12662P108	2,410	50,000	SH		SOLE		14,300	0	35,700
Cabot Corporation	COM	127055101	1,154	19,900	SH		SOLE		3,900	0	16,000
Cal-Maine Foods Inc.	COM	128030202	2	27	SH		SOLE		27	0	0
Campbell Soup Company	COM	134429109	3,312	72,300	SH		SOLE		20,900	0	51,400
Carlisle Companies Inc.	COM	142339100	277	3,200	SH		SOLE		3,200	0	0
Carnival Corp	COM	143658300	173	4,600	SH		SOLE		4,600	0	0
Celanese Corp.	COM	150870103	2,243	34,900	SH		SOLE		7,100	0	27,800
Central Pacific Financial Corp	COM	154760102	2	117	SH		SOLE		117	0	0
Century Bancorp cl A	COM	156432106	4	100	SH		SOLE		100	0	0
Chevron Corp	COM	166764100	4,739	36,300	SH		SOLE		24,600	0	11,700
Citizens & Northern Corp	COM	172922106	4	200	SH		SOLE		200	0	0
Columbia Sportswear Co.	COM	198516106	3	35	SH		SOLE		35	0	0
Commercial Vehicle Group	COM	202608105	1	100	SH		SOLE		100	0	0
Con-way Inc.	COM	205944101	696	13,800	SH		SOLE		4,300	0	9,500
Consumer Portfolio Services	COM	210502100	2	300	SH		SOLE		300	0	0
Covidien Ltd	COM	G2554F113	776	8,600	SH		SOLE		8,600	0	0
Crawford & Co cl A	COM	224633206	6	700	SH		SOLE		700	0	0
Crawford & Co cl B	COM	224633107	1	59	SH		SOLE		59	0	0
Credit Acceptance Corp	COM	225310101	3	22	SH		SOLE		22	0	0
Culp Inc.	COM	230215105	0	20	SH		SOLE		20	0	0
DST Systems Inc.	COM	233326107	3,733	40,500	SH		SOLE		10,900	0	29,600
DTE Energy Company	COM	233331107	872	11,200	SH		SOLE		700	0	10,500
Delta Air Lines, Inc.	COM	247361702	7,729	199,600	SH		SOLE		72,900	0	126,700
Diamond Offshore Drilling Inc.	COM	25271C102	5,549	111,800	SH		SOLE		24,900	0	86,900
Dillards Inc cl A	COM	254067101	3,207	27,500	SH		SOLE		6,700	0	20,800
Discover Financial Services	COM	254709108	2,027	32,700	SH		SOLE		22,400	0	10,300
Domtar Corp.	COM	257559203	1,543	36,000	SH		SOLE		7,000	0	29,000
Donegal Group Inc. cl A	COM	257701201	2	135	SH		SOLE		135	0	0
Dover Corporation	COM	260003108	73	800	SH		SOLE		800	0	0
EMC Insurance Group	COM	268664109	3	100	SH		SOLE		100	0	0
EZCORP Inc.	COM	302301106	1	123	SH		SOLE		123	0	0
Empire District Electric Co.	COM	291641108	1	26	SH		SOLE		26	0	0
Ennis Inc	COM	293389102	4	230	SH		SOLE		230	0	0
Entercom Communications	COM	293639100	5	464	SH		SOLE		464	0	0
Entergy Corp	COM	29364G103	8,242	100,400	SH		SOLE		31,800	0	68,600
Enterprise Financial Services	COM	293712105	4	200	SH		SOLE		200	0	0
Everest Re Group Ltd	COM	G3223R108	4,285	26,700	SH		SOLE		9,200	0	17,500
Exelis Inc.	COM	30162A108	1,907	112,300	SH		SOLE		25,900	0	86,400
Exxon Mobil Corporation	COM	30231G102	6,907	68,600	SH		SOLE		46,500	0	22,100
FBL Financial Group cl A	COM	30239F106	1	16	SH		SOLE		16	0	0
Fifth Third Bancorp	COM	316773100	6,196	290,200	SH		SOLE		108,600	0	181,600
Financial Institutions Inc.	COM	317585404	2	100	SH		SOLE		100	0	0
First Financial Corp (IN)	COM	320218100	3	100	SH		SOLE		100	0	0
First Interstate BancSystem A	COM	32055Y201	3	111	SH		SOLE		111	0	0
First Republic Bank	COM	33616C100	990	18,000	SH		SOLE		5,600	0	12,400
Five Star Quality Care	COM	33832D106	4	841	SH		SOLE		841	0	0
Foot Locker Inc	COM	344849104	1,156	22,800	SH		SOLE		7,200	0	15,600
Ford Motor Company	COM	345370860	2,776	161,000	SH		SOLE		107,100	0	53,900
Fortegra Financial Corp.	COM	34954W104	3	362	SH		SOLE		362	0	0
Franklin Resources, Inc.	COM	354613101	1,845	31,900	SH		SOLE		22,100	0	9,800
Fresh Del Monte Produce	COM	G36738105	2	65	SH		SOLE		65	0	0
GAMCO Investors, Inc.	COM	361438104	3	38	SH		SOLE		38	0	0
Gannett Co. Inc.	COM	364730101	7,042	224,900	SH		SOLE		73,600	0	151,300
General Electric Co	COM	369604103	410	15,600	SH		SOLE		10,500	0	5,100
Global Power Equipment Grp	COM	37941P306	1	70	SH		SOLE		70	0	0
Global Sources Ltd.	COM	G39300101	4	425	SH		SOLE		425	0	0
Great Southern Bancorp	COM	390905107	5	149	SH		SOLE		149	0	0
HCA Holdings Inc.	COM	40412C101	3,293	58,400	SH		SOLE		20,900	0	37,500
Hallador Energy Company	COM	406092304	3	331	SH		SOLE		331	0	0
Handy & Harman Ltd.	COM	410315105	6	227	SH		SOLE		227	0	0
Harris Corporation	COM	413875105	864	11,400	SH		SOLE		3,200	0	8,200
Hawaiian Telcom Holdco, Inc.	COM	420031106	5	167	SH		SOLE		167	0	0
Heartland Financial USA	COM	42234Q102	4	149	SH		SOLE		149	0	0
HollyFrontier Corporation	COM	436106108	1,547	35,400	SH		SOLE		9,000	0	26,400
Homestreet Inc	COM	43785V102	3	177	SH		SOLE		177	0	0
Horace Mann Educators	COM	440327104	3	85	SH		SOLE		85	0	0
Hormel Foods Corp	COM	440452100	938	19,000	SH		SOLE		19,000	0	0
Hubbell Inc cl B	COM	443510201	874	7,100	SH		SOLE		500	0	6,600
Humana Inc.	COM	444859102	4,151	32,500	SH		SOLE		13,900	0	18,600
Hyster-Yale Materials Handling	COM	449172105	3	31	SH		SOLE		31	0	0
IBM Corp	COM	459200101	2,647	14,600	SH		SOLE		9,900	0	4,700
IXYS Corporation	COM	46600W106	1	100	SH		SOLE		100	0	0
Illinois Tool Works Inc.	COM	452308109	2,723	31,100	SH		SOLE		21,400	0	9,700
Independence Holding Co.	COM	453440307	2	160	SH		SOLE		160	0	0
Independent Bank MI	COM	453838609	1	100	SH		SOLE		100	0	0
Ingles Markets cl A	COM	457030104	1	45	SH		SOLE		45	0	0
Ingram Micro Inc.	COM	457153104	2,106	72,100	SH		SOLE		16,300	0	55,800
Ingredion Incorporated	COM	457187102	2,829	37,700	SH		SOLE		7,100	0	30,600
Insight Enterprises, Inc.	COM	45765U103	4	120	SH		SOLE		120	0	0
Integrys Energy Group	COM	45822P105	6,516	91,600	SH		SOLE		21,400	0	70,200
Inter Parfums, Inc.	COM	458334109	2	65	SH		SOLE		65	0	0
International Bancshares	COM	459044103	3	116	SH		SOLE		116	0	0
International Shipholding	COM	460321201	3	136	SH		SOLE		136	0	0
Intersections, Inc.	COM	460981301	1	141	SH		SOLE		141	0	0
JPMorgan Chase & Co	COM	46625H100	3,855	66,900	SH		SOLE		45,200	0	21,700
JTH Hldg Inc cl A DBA liberty	COM	46637N103	2	69	SH		SOLE		69	0	0
Jabil Circuit Inc.	COM	466313103	3,315	158,600	SH		SOLE		53,800	0	104,800
Jacobs Engineering Group	COM	469814107	474	8,900	SH		SOLE		2,400	0	6,500
John Wiley & Sons cl A	COM	968223206	782	12,900	SH		SOLE		2,600	0	10,300
Johnson Outdoors Inc.	COM	479167108	5	192	SH		SOLE		192	0	0
Jones Lang LaSalle Inc	COM	48020Q107	6,951	55,000	SH		SOLE		18,500	0	36,500
Journal Communications Inc.	COM	481130102	2	172	SH		SOLE		172	0	0
KBR, Inc.	COM	48242W106	131	5,500	SH		SOLE		5,500	0	0
Kansas City Life Insurance	COM	484836101	3	67	SH		SOLE		67	0	0
Kelly Services cl A	COM	488152208	2	104	SH		SOLE		104	0	0
Kohl's Corporation	COM	500255104	306	5,800	SH		SOLE		1,700	0	4,100
Kraft Foods Group Inc	COM	50076Q106	1,067	17,800	SH		SOLE		11,500	0	6,300
L-3 Communications	COM	502424104	8,187	67,800	SH		SOLE		19,300	0	48,500
Lear Corporation	COM	521865204	2,045	22,900	SH		SOLE		7,700	0	15,200
Lifetime Brands, Inc	COM	53222Q103	3	200	SH		SOLE		200	0	0
Loews Corp	COM	540424108	233	5,300	SH		SOLE		5,300	0	0
Mainsource Financial Grp	COM	56062Y102	3	200	SH		SOLE		200	0	0
ManTech International A	COM	564563104	2	84	SH		SOLE		84	0	0
Manpower Inc.	COM	56418H100	2,978	35,100	SH		SOLE		7,700	0	27,400
McClatchy Co. cl A	COM	579489105	2	400	SH		SOLE		400	0	0
Mercantile Bank Corp	COM	587376104	4	180	SH		SOLE		180	0	0
Mueller Industries, Inc.	COM	624756102	1	46	SH		SOLE		46	0	0
NACCO Industries Inc A	COM	629579103	2	48	SH		SOLE		48	0	0
NASB Financial, Inc.	COM	628968109	2	100	SH		SOLE		100	0	0
NN Inc.	COM	629337106	2	64	SH		SOLE		64	0	0
National Beverage Corp	COM	635017106	1	62	SH		SOLE		62	0	0
National Healthcare Corp	COM	635906100	2	32	SH		SOLE		32	0	0
National Interstate Corp	COM	63654U100	2	68	SH		SOLE		68	0	0
National Western Life Insuranc	COM	638522102	1	6	SH		SOLE		6	0	0
Nature's Sunshine Products	COM	639027101	2	142	SH		SOLE		142	0	0
Navient Corporation	COM	63938C108	2,825	159,500	SH		SOLE		45,900	0	113,600
Navigators Group Inc	COM	638904102	3	38	SH		SOLE		38	0	0
Nelnet Inc	COM	64031N108	3	70	SH		SOLE		70	0	0
Norfolk Southern Corp	COM	655844108	886	8,600	SH		SOLE		5,900	0	2,700
Northrop Grumman Corp	COM	666807102	2,907	24,300	SH		SOLE		16,500	0	7,800
Nu Skin Enterprises Inc.	COM	67018T105	392	5,300	SH		SOLE		300	0	5,000
Nutraceutical Int'l Corp	COM	67060Y101	3	129	SH		SOLE		129	0	0
OceanFirst Financial	COM	675234108	1	61	SH		SOLE		61	0	0
Onebeacon Insurance Grp	COM	G67742109	3	187	SH		SOLE		187	0	0
Oshkosh Corporation	COM	688239201	705	12,700	SH		SOLE		6,300	0	6,400
PBF Energy Inc cl A	COM	69318G106	5,695	213,700	SH		SOLE		71,400	0	142,300
PC Connection, Inc.	COM	69318J100	5	262	SH		SOLE		262	0	0
PDL BioPharma, Inc.	COM	69329Y104	2,572	265,730	SH		SOLE		89,530	0	176,200
PPL Corp	COM	69351T106	263	7,400	SH		SOLE		7,400	0	0
Park National Corp OH	COM	700658107	3	40	SH		SOLE		40	0	0
Park-Ohio Holdings Co	COM	700666100	2	27	SH		SOLE		27	0	0
PartnerRe Ltd.	COM	G6852T105	2,861	26,200	SH		SOLE		15,900	0	10,300
Patrick Industries Inc.	COM	703343103	3	61	SH		SOLE		61	0	0
PennyMac Financial Service Inc	COM	70932B101	2	100	SH		SOLE		100	0	0
Pitney Bowes Inc.	COM	724479100	870	31,500	SH		SOLE		2,000	0	29,500
Popular Inc.	COM	733174700	85	2,500	SH		SOLE		2,500	0	0
Preformed Line Products	COM	740444104	3	62	SH		SOLE		62	0	0
Principal Financial Group	COM	74251V102	4,326	85,700	SH		SOLE		21,500	0	64,200
Progressive Corp.	COM	743315103	1,661	65,500	SH		SOLE		15,300	0	50,200
Protective Life Corp.	COM	743674103	1,893	27,300	SH		SOLE		4,100	0	23,200
Public Service Enterprise Grp	COM	744573106	2,072	50,800	SH		SOLE		16,200	0	34,600
QCR Holdings, Inc.	COM	74727A104	2	100	SH		SOLE		100	0	0
Quad/Graphics, Inc. cl A	COM	747301109	1,523	68,100	SH		SOLE		16,800	0	51,300
RPC Inc.	COM	749660106	75	3,200	SH		SOLE		3,200	0	0
Rayonier Advanced Materials	COM	75508B104	542	14,000	SH		SOLE		2,700	0	11,300
Rayonier Inc.	COM	754907103	1,493	42,000	SH		SOLE		8,100	0	33,900
Raytheon Company	COM	755111507	692	7,500	SH		SOLE		4,800	0	2,700
Regional Management Corp.	COM	75902K106	2	100	SH		SOLE		100	0	0
Reinsurance Group of America	COM	759351604	7,409	93,900	SH		SOLE		31,900	0	62,000
Remy International Inc.	COM	759663107	6	272	SH		SOLE		272	0	0
Renewable Energy Grp Inc	COM	75972A301	4	347	SH		SOLE		347	0	0
Republic Bancorp KY	COM	760281204	1	38	SH		SOLE		38	0	0
Reynolds American Inc	COM	761713106	2,855	47,300	SH		SOLE		31,900	0	15,400
Ryder System Inc.	COM	783549108	4,598	52,200	SH		SOLE		17,700	0	34,500
SL Green Realty Corp.	COM	78440X101	197	1,800	SH		SOLE		1,800	0	0
SL Industries, Inc.	COM	784413106	2	65	SH		SOLE		65	0	0
Saratoga Investment Corp.	COM	80349A208	4	254	SH		SOLE		254	0	0
Scana Corporation	COM	80589M102	1,340	24,900	SH		SOLE		6,900	0	18,000
Seadrill Limited	COM	G7945E105	771	19,300	SH		SOLE		12,600	0	6,700
Select Medical Holdings Corp	COM	81619Q105	3	207	SH		SOLE		207	0	0
Ship Finance Intl Ltd	COM	G81075106	1	73	SH		SOLE		73	0	0
Sirva Inc	COM	82967Y104	2	59	SH		SOLE		59	0	0
Snap-On Inc.	COM	833034101	1,564	13,200	SH		SOLE		2,500	0	10,700
Sotherly Hotels Inc.	COM	83600C103	2	200	SH		SOLE		200	0	0
Southern Copper Corp.	COM	84265V105	1,910	62,900	SH		SOLE		42,400	0	20,500
Standex Intl Corp.	COM	854231107	1	18	SH		SOLE		18	0	0
Starz Series A Liberty Capital	COM	85571Q102	4,057	136,200	SH		SOLE		40,700	0	95,500
Steelcase Inc cl A	COM	858155203	1,194	78,900	SH		SOLE		17,600	0	61,300
Stepan Company	COM	858586100	2	35	SH		SOLE		35	0	0
Stock Yards Bancorp, Inc.	COM	861025104	0	13	SH		SOLE		13	0	0
Strategic Hotels & Resorts	COM	86272T106	1,013	86,500	SH		SOLE		28,000	0	58,500
Superior Industries Int'l	COM	868168105	1	35	SH		SOLE		35	0	0
Symetra Financial Corp	COM	87151Q106	3	144	SH		SOLE		144	0	0
Synnex Corp	COM	87162W100	3	39	SH		SOLE		39	0	0
Syntel Inc.	COM	87162H103	2	19	SH		SOLE		19	0	0
TESSCO Technologies, Inc.	COM	872386107	3	100	SH		SOLE		100	0	0
TRC Companies Inc.	COM	872625108	3	542	SH		SOLE		542	0	0
TRW Automotive Hldgs Corp.	COM	87264S106	11,602	129,600	SH		SOLE		44,200	0	85,400
TeleTech Holdings Inc	COM	879939106	3	114	SH		SOLE		114	0	0
Tesoro Corp	COM	881609101	70	1,200	SH		SOLE		1,200	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	3	69	SH		SOLE		69	0	0
The Babcock & Wilcox Co	COM	05615F102	1,522	46,900	SH		SOLE		9,800	0	37,100
Timken Company	COM	887389104	4,633	68,300	SH		SOLE		19,100	0	49,200
Towne Bank	COM	89214P109	4	258	SH		SOLE		258	0	0
Tyson Foods Inc	COM	902494103	2,290	61,000	SH		SOLE		14,300	0	46,700
UFP Technologies, Inc.	COM	902673102	2	66	SH		SOLE		66	0	0
USA Mobility, Inc	COM	90341G103	5	342	SH		SOLE		342	0	0
United Stationers, Inc.	COM	913004107	2	49	SH		SOLE		49	0	0
Universal Corporation	COM	913456109	1	14	SH		SOLE		14	0	0
Universal Truckload Services	COM	91388P105	1	50	SH		SOLE		50	0	0
VSE Corporation	COM	918284100	2	26	SH		SOLE		26	0	0
Valmont Industries Inc	COM	920253101	486	3,200	SH		SOLE		200	0	3,000
Village Super Market	COM	927107409	3	122	SH		SOLE		122	0	0
Vishay Intertechnology Inc.	COM	928298108	119	7,700	SH		SOLE		7,700	0	0
Vonage Holdings Corp.	COM	92886T201	2	563	SH		SOLE		563	0	0
W&T Offshore Inc.	COM	92922P106	1	87	SH		SOLE		87	0	0
W.P. Carey Inc. REIT	COM	92936U109	1,449	22,500	SH		SOLE		6,800	0	15,700
W.R. Berkley Corp	COM	084423102	496	10,700	SH		SOLE		700	0	10,000
WABCO Holdings Inc.	COM	92927K102	1,154	10,800	SH		SOLE		700	0	10,100
Wal-Mart Stores, Inc.	COM	931142103	2,980	39,700	SH		SOLE		27,000	0	12,700
Washington Trust Bancorp	COM	940610108	4	100	SH		SOLE		100	0	0
Waterstone Financial, Inc.	COM	941888109	2	186	SH		SOLE		186	0	0
Wayside Technology Group	COM	946760105	2	100	SH		SOLE		100	0	0
Weis Markets Inc.	COM	948849104	3	55	SH		SOLE		55	0	0
WesBanco Inc.	COM	950810101	1	38	SH		SOLE		38	0	0
West Corporation	COM	952355204	3	122	SH		SOLE		122	0	0
West Marine Inc.	COM	954235107	2	164	SH		SOLE		164	0	0
Western Digital Corp.	COM	958102105	185	2,000	SH		SOLE		2,000	0	0
Western Union	COM	959802109	2,327	134,200	SH		SOLE		35,200	0	99,000
Westlake Chemical Corp	COM	960413102	5,503	65,700	SH		SOLE		23,000	0	42,700
Weyco Group Inc.	COM	962149100	2	63	SH		SOLE		63	0	0
WhiteHorse Finance, Inc.	COM	96524V106	1	55	SH		SOLE		55	0	0
William Lyon Homes	COM	552074205	0	16	SH		SOLE		16	0	0
World Fuel Services Corp	COM	981475106	3,884	78,900	SH		SOLE		17,300	0	61,600
Xerox Corporation	COM	984121103	1,560	125,400	SH		SOLE		79,200	0	46,200
ZAIS Financial Corp.	COM	98886K108	1	50	SH		SOLE		50	0	0
ePlus Inc.	COM	294268107	4	68	SH		SOLE		68	0	0