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	1	50	SH		SOLE		50	0	0
ACE Limited	COM	H0023R105	2,192	20,900	SH		SOLE		14,200	0	6,700
AFLAC Inc.	COM	001055102	157	2,700	SH		SOLE		2,700	0	0
Activision Blizzard, Inc.	COM	00507V109	5,499	264,500	SH		SOLE		90,700	0	173,800
Adamas Pharmaceuticals, Inc.	COM	00548A106	2	100	SH		SOLE		100	0	0
Adams Resources & Energy	COM	006351308	4	86	SH		SOLE		86	0	0
Agco Corporation	COM	001084102	3,064	67,400	SH		SOLE		20,000	0	47,400
Alexanders Inc.	COM	014752109	3	7	SH		SOLE		7	0	0
Alliant Energy Corp.	COM	018802108	1,435	25,900	SH		SOLE		4,600	0	21,300
Amdocs Limited	COM	G02602103	37	800	SH		SOLE		800	0	0
Amerco	COM	023586100	7,097	27,100	SH		SOLE		9,100	0	18,000
American Axle & Manufacturing	COM	024061103	3	162	SH		SOLE		162	0	0
American Financial Group	COM	025932104	4,452	76,900	SH		SOLE		19,900	0	57,000
American Intl Group, Inc.	COM	026874784	2,604	48,200	SH		SOLE		32,800	0	15,400
American Water Works	COM	030420103	1,191	24,700	SH		SOLE		3,800	0	20,900
Amkor Technology Inc	COM	031652100	2	204	SH		SOLE		204	0	0
Annaly Capital Mgmt.	COM	035710409	3,953	370,100	SH		SOLE		98,800	0	271,300
Arch Capital Group Ltd.	COM	G0450A105	6,096	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	6,719	121,400	SH		SOLE		42,100	0	79,300
Assurant Inc.	COM	04621X108	4,392	68,300	SH		SOLE		18,400	0	49,900
Atlas Air Worldwide	COM	049164205	1	25	SH		SOLE		25	0	0
Atwood Oceanics Inc	COM	050095108	1,874	42,900	SH		SOLE		11,800	0	31,100
AutoNation Inc.	COM	05329W102	3,461	68,800	SH		SOLE		19,500	0	49,300
Autobytel Inc.	COM	05275N205	2	200	SH		SOLE		200	0	0
Avnet Inc	COM	053807103	8,786	211,700	SH		SOLE		75,900	0	135,800
Aware Inc.	COM	05453N100	2	651	SH		SOLE		651	0	0
Axis Capital Holdings Ltd	COM	G0692U109	3,280	69,300	SH		SOLE		16,600	0	52,700
BOK Financial Corp.	COM	05561Q201	2,559	38,500	SH		SOLE		11,400	0	27,100
Baldwin & Lyons cl B	COM	057755209	2	100	SH		SOLE		100	0	0
BancFirst Corp OK	COM	05945F103	3	53	SH		SOLE		53	0	0
Bassett Furniture Industries	COM	070203104	2	145	SH		SOLE		145	0	0
Beasley Broadcast Group Inc.	COM	074014101	1	100	SH		SOLE		100	0	0
Becton Dickinson & Co.	COM	075887109	1,206	10,600	SH		SOLE		7,400	0	3,200
Booz Allen Hamilton cl A	COM	099502106	3,236	138,300	SH		SOLE		35,700	0	102,600
Bridgepoint Education, Inc.	COM	10807M105	1	121	SH		SOLE		121	0	0
Brooks Automation Inc	COM	114340102	3	239	SH		SOLE		239	0	0
Brunswick Corporation	COM	117043109	818	19,400	SH		SOLE		9,700	0	9,700
CA, Inc.	COM	12673P105	11,397	407,900	SH		SOLE		146,900	0	261,000
CAI International, Inc.	COM	12477X106	6	301	SH		SOLE		301	0	0
CBRE Group Inc.	COM	12504L109	1,728	58,100	SH		SOLE		12,700	0	45,400
CIGNA Corporation	COM	125509109	3,990	44,000	SH		SOLE		18,500	0	25,500
CNA Financial Corporation	COM	126117100	6,256	164,500	SH		SOLE		57,500	0	107,000
CVR Energy, Inc.	COM	12662P108	6,289	140,600	SH		SOLE		40,200	0	100,400
Cabot Corporation	COM	127055101	1,010	19,900	SH		SOLE		3,900	0	16,000
Cal-Maine Foods Inc.	COM	128030202	1	8	SH		SOLE		8	0	0
Campbell Soup Company	COM	134429109	3,055	71,500	SH		SOLE		20,900	0	50,600
Carnival Corp	COM	143658300	185	4,600	SH		SOLE		4,600	0	0
Celanese Corp.	COM	150870103	3,406	58,200	SH		SOLE		23,900	0	34,300
Central Pacific Financial Corp	COM	154760102	2	117	SH		SOLE		117	0	0
Century Bancorp cl A	COM	156432106	3	100	SH		SOLE		100	0	0
Chevron Corp	COM	166764100	4,415	37,000	SH		SOLE		25,200	0	11,800
Citizens & Northern Corp	COM	172922106	4	200	SH		SOLE		200	0	0
Columbia Sportswear Co.	COM	198516106	3	70	SH		SOLE		70	0	0
Commercial Vehicle Group	COM	202608105	1	100	SH		SOLE		100	0	0
Consumer Portfolio Services	COM	210502100	4	600	SH		SOLE		600	0	0
Corrections Corp of America	COM	22025Y407	127	3,700	SH		SOLE		3,700	0	0
Crawford & Co cl A	COM	224633206	5	700	SH		SOLE		700	0	0
Credit Acceptance Corp	COM	225310101	2	14	SH		SOLE		14	0	0
Crown Media Holdings Inc.	COM	228411104	1	400	SH		SOLE		400	0	0
DST Systems Inc.	COM	233326107	3,416	40,700	SH		SOLE		11,100	0	29,600
DTE Energy Company	COM	233331107	852	11,200	SH		SOLE		700	0	10,500
Delta Air Lines, Inc.	COM	247361702	3,962	109,600	SH		SOLE		60,400	0	49,200
Diamond Offshore Drilling Inc.	COM	25271C102	3,831	111,800	SH		SOLE		24,900	0	86,900
Dillards Inc cl A	COM	254067101	2,997	27,500	SH		SOLE		6,700	0	20,800
Discover Financial Services	COM	254709108	2,138	33,200	SH		SOLE		22,400	0	10,800
Domtar Corp.	COM	257559203	1,265	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	64	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
Electro Rent Corp	COM	285218103	2	123	SH		SOLE		123	0	0
Emmis Communications Inc	COM	291525103	1	600	SH		SOLE		600	0	0
Empire District Electric Co.	COM	291641108	1	26	SH		SOLE		26	0	0
Ennis Inc	COM	293389102	0	30	SH		SOLE		30	0	0
Entercom Communications	COM	293639100	4	464	SH		SOLE		464	0	0
Entergy Corp	COM	29364G103	12,411	160,500	SH		SOLE		55,800	0	104,700
Enterprise Financial Services	COM	293712105	3	200	SH		SOLE		200	0	0
Everest Re Group Ltd	COM	G3223R108	4,407	27,200	SH		SOLE		9,700	0	17,500
Exelis Inc.	COM	30162A108	1,857	112,300	SH		SOLE		25,900	0	86,400
Exxon Mobil Corporation	COM	30231G102	6,330	67,300	SH		SOLE		45,700	0	21,600
FBL Financial Group cl A	COM	30239F106	1	16	SH		SOLE		16	0	0
Fifth Third Bancorp	COM	316773100	7,365	367,900	SH		SOLE		132,400	0	235,500
Financial Institutions Inc.	COM	317585404	2	100	SH		SOLE		100	0	0
First Citizens Bancshares cl A	COM	31946M103	2	7	SH		SOLE		7	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	657	13,300	SH		SOLE		900	0	12,400
Five Star Quality Care	COM	33832D106	3	841	SH		SOLE		841	0	0
Ford Motor Company	COM	345370860	2,381	161,000	SH		SOLE		107,100	0	53,900
Fortegra Financial Corp.	COM	34954W104	4	362	SH		SOLE		362	0	0
Franklin Resources, Inc.	COM	354613101	55	1,000	SH		SOLE		1,000	0	0
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	3,127	105,400	SH		SOLE		34,500	0	70,900
General Electric Co	COM	369604103	456	17,800	SH		SOLE		12,000	0	5,800
Global Sources Ltd.	COM	G39300101	3	425	SH		SOLE		425	0	0
Great Southern Bancorp	COM	390905107	5	149	SH		SOLE		149	0	0
HCA Holdings Inc.	COM	40412C101	4,118	58,400	SH		SOLE		20,900	0	37,500
Hallador Energy Company	COM	406092304	4	331	SH		SOLE		331	0	0
Handy & Harman Ltd.	COM	410315105	7	263	SH		SOLE		263	0	0
Harris Corporation	COM	413875105	757	11,400	SH		SOLE		3,200	0	8,200
Hawaiian Telcom Holdco, Inc.	COM	420031106	5	188	SH		SOLE		188	0	0
Heartland Financial USA	COM	42234Q102	4	149	SH		SOLE		149	0	0
HollyFrontier Corporation	COM	436106108	31	700	SH		SOLE		700	0	0
Homestreet Inc	COM	43785V102	4	231	SH		SOLE		231	0	0
Horace Mann Educators	COM	440327104	2	85	SH		SOLE		85	0	0
Hormel Foods Corp	COM	440452100	807	15,700	SH		SOLE		15,700	0	0
Humana Inc.	COM	444859102	3,961	30,400	SH		SOLE		11,800	0	18,600
Huntington Bancshares, Inc.	COM	446150104	89	9,100	SH		SOLE		9,100	0	0
Hyster-Yale Materials Handling	COM	449172105	2	31	SH		SOLE		31	0	0
IBM Corp	COM	459200101	2,772	14,600	SH		SOLE		9,900	0	4,700
ITT Educational Services Inc	COM	45068B109	1	200	SH		SOLE		200	0	0
Illinois Tool Works Inc.	COM	452308109	270	3,200	SH		SOLE		2,900	0	300
Independence Holding Co.	COM	453440307	2	160	SH		SOLE		160	0	0
Ingles Markets cl A	COM	457030104	1	45	SH		SOLE		45	0	0
Ingram Micro Inc.	COM	457153104	1,796	69,600	SH		SOLE		13,800	0	55,800
Ingredion Incorporated	COM	457187102	2,857	37,700	SH		SOLE		7,100	0	30,600
Insight Enterprises, Inc.	COM	45765U103	3	120	SH		SOLE		120	0	0
Integrys Energy Group	COM	45822P105	5,938	91,600	SH		SOLE		21,400	0	70,200
Intelsat S.A.	COM	L5140P101	624	36,400	SH		SOLE		10,400	0	26,000
International Bancshares	COM	459044103	3	116	SH		SOLE		116	0	0
International Shipholding	COM	460321201	2	136	SH		SOLE		136	0	0
JPMorgan Chase & Co	COM	46625H100	4,030	66,900	SH		SOLE		45,200	0	21,700
Jabil Circuit Inc.	COM	466313103	1,807	89,600	SH		SOLE		22,900	0	66,700
Johnson Outdoors Inc.	COM	479167108	5	192	SH		SOLE		192	0	0
Jones Lang LaSalle Inc	COM	48020Q107	7,833	62,000	SH		SOLE		20,100	0	41,900
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
Kemper Corp	COM	488401100	1	27	SH		SOLE		27	0	0
Kohl's Corporation	COM	500255104	354	5,800	SH		SOLE		1,700	0	4,100
Kraft Foods Group Inc	COM	50076Q106	1,004	17,800	SH		SOLE		11,500	0	6,300
Kronos Worldwide Inc.	COM	50105F105	1	61	SH		SOLE		61	0	0
L-3 Communications	COM	502424104	8,063	67,800	SH		SOLE		19,300	0	48,500
Lear Corporation	COM	521865204	3,845	44,500	SH		SOLE		11,300	0	33,200
Mainsource Financial Grp	COM	56062Y102	3	200	SH		SOLE		200	0	0
Manpower Inc.	COM	56418H100	1,199	17,100	SH		SOLE		2,800	0	14,300
Marcus Corporation	COM	566330106	1	52	SH		SOLE		52	0	0
McClatchy Co. cl A	COM	579489105	2	700	SH		SOLE		700	0	0
Mercantile Bank Corp	COM	587376104	3	180	SH		SOLE		180	0	0
Mueller Industries, Inc.	COM	624756102	1	46	SH		SOLE		46	0	0
NACCO Industries Inc A	COM	629579103	5	108	SH		SOLE		108	0	0
NASB Financial, Inc.	COM	628968109	2	100	SH		SOLE		100	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 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	2	38	SH		SOLE		38	0	0
Nelnet Inc	COM	64031N108	3	70	SH		SOLE		70	0	0
New Media Investment Group	COM	64704V106	2	100	SH		SOLE		100	0	0
Norfolk Southern Corp	COM	655844108	78	700	SH		SOLE		700	0	0
Northrop Grumman Corp	COM	666807102	3,202	24,300	SH		SOLE		16,500	0	7,800
Nu Skin Enterprises Inc.	COM	67018T105	239	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	2	126	SH		SOLE		126	0	0
One Liberty Properties Inc.	COM	682406103	1	50	SH		SOLE		50	0	0
Onebeacon Insurance Grp	COM	G67742109	3	187	SH		SOLE		187	0	0
PBF Energy Inc cl A	COM	69318G106	5,969	248,700	SH		SOLE		78,500	0	170,200
PC Connection, Inc.	COM	69318J100	6	262	SH		SOLE		262	0	0
PDL BioPharma, Inc.	COM	69329Y104	6,223	833,030	SH		SOLE		272,230	0	560,800
PPL Corp	COM	69351T106	243	7,400	SH		SOLE		7,400	0	0
Park National Corp OH	COM	700658107	3	40	SH		SOLE		40	0	0
PartnerRe Ltd.	COM	G6852T105	8,846	80,500	SH		SOLE		33,400	0	47,100
Patrick Industries Inc.	COM	703343103	3	61	SH		SOLE		61	0	0
Pilgrims Pride Corp	COM	721467108	4,819	157,700	SH		SOLE		56,800	0	100,900
Popular Inc.	COM	733174700	3,735	126,900	SH		SOLE		56,300	0	70,600
Preformed Line Products	COM	740444104	3	53	SH		SOLE		53	0	0
Principal Financial Group	COM	74251V102	4,497	85,700	SH		SOLE		21,500	0	64,200
Public Service Enterprise Grp	COM	744573106	1,519	40,800	SH		SOLE		12,000	0	28,800
QCR Holdings, Inc.	COM	74727A104	2	100	SH		SOLE		100	0	0
Quad/Graphics, Inc. cl A	COM	747301109	1,140	59,200	SH		SOLE		14,700	0	44,500
RCS Capital Corporation	COM	74937W102	894	39,700	SH		SOLE		9,000	0	30,700
RPC Inc.	COM	749660106	70	3,200	SH		SOLE		3,200	0	0
Rayonier Inc.	COM	754907103	1,308	42,000	SH		SOLE		8,100	0	33,900
Raytheon Company	COM	755111507	762	7,500	SH		SOLE		4,800	0	2,700
Reinsurance Group of America	COM	759351604	10,441	130,300	SH		SOLE		43,900	0	86,400
Remy International Inc.	COM	759663107	6	272	SH		SOLE		272	0	0
Renewable Energy Grp Inc	COM	75972A301	2	200	SH		SOLE		200	0	0
Republic Bancorp KY	COM	760281204	3	138	SH		SOLE		138	0	0
Reynolds American Inc	COM	761713106	2,502	42,400	SH		SOLE		30,100	0	12,300
Ryder System Inc.	COM	783549108	4,247	47,200	SH		SOLE		12,700	0	34,500
Saul Centers Inc.	COM	804395101	1	28	SH		SOLE		28	0	0
Scana Corporation	COM	80589M102	2,203	44,400	SH		SOLE		21,800	0	22,600
Seadrill Limited	COM	G7945E105	5,909	220,800	SH		SOLE		67,600	0	153,200
Select Medical Holdings Corp	COM	81619Q105	2	207	SH		SOLE		207	0	0
ServisFirst Bancshares, Inc.	COM	81768T108	2	66	SH		SOLE		66	0	0
Ship Finance Intl Ltd	COM	G81075106	1	73	SH		SOLE		73	0	0
Sirva Inc	COM	82967Y104	1	59	SH		SOLE		59	0	0
Sotherly Hotels Inc.	COM	83600C103	2	200	SH		SOLE		200	0	0
Southern Copper Corp.	COM	84265V105	2,245	75,700	SH		SOLE		50,100	0	25,600
Spok Holdings, Inc.	COM	84863T106	4	342	SH		SOLE		342	0	0
St. Joe Company	COM	790148100	1,433	71,900	SH		SOLE		21,400	0	50,500
Starz Series A Liberty Capital	COM	85571Q102	4,505	136,200	SH		SOLE		40,700	0	95,500
Steelcase Inc cl A	COM	858155203	614	37,900	SH		SOLE		6,500	0	31,400
Stepan Company	COM	858586100	3	64	SH		SOLE		64	0	0
Strategic Hotels & Resorts	COM	86272T106	4,427	380,000	SH		SOLE		101,800	0	278,200
Symetra Financial Corp	COM	87151Q106	2	105	SH		SOLE		105	0	0
Synnex Corp	COM	87162W100	3	39	SH		SOLE		39	0	0
Syntel Inc.	COM	87162H103	3	34	SH		SOLE		34	0	0
TESSCO Technologies, Inc.	COM	872386107	3	100	SH		SOLE		100	0	0
TRC Companies Inc.	COM	872625108	4	542	SH		SOLE		542	0	0
TRW Automotive Hldgs Corp.	COM	87264S106	12,110	119,600	SH		SOLE		41,200	0	78,400
TeleTech Holdings Inc	COM	879939106	3	114	SH		SOLE		114	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	2	69	SH		SOLE		69	0	0
The Babcock & Wilcox Co	COM	05615F102	1,299	46,900	SH		SOLE		9,800	0	37,100
Third Point Reinsurance Ltd.	COM	G8827U100	3	200	SH		SOLE		200	0	0
Tilly's, Inc.	COM	886885102	2	300	SH		SOLE		300	0	0
Timken Company	COM	887389104	2,806	66,200	SH		SOLE		17,000	0	49,200
Towne Bank	COM	89214P109	4	258	SH		SOLE		258	0	0
Trans World Entertainment	COM	89336Q100	2	500	SH		SOLE		500	0	0
Triple-S Management Corp	COM	896749108	4	200	SH		SOLE		200	0	0
Tyson Foods Inc	COM	902494103	2,402	61,000	SH		SOLE		14,300	0	46,700
UFP Technologies, Inc.	COM	902673102	1	66	SH		SOLE		66	0	0
United States Lime & Minerals	COM	911922102	1	13	SH		SOLE		13	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	1	26	SH		SOLE		26	0	0
Vectrus, Inc.	COM	92242T101	122	6,239	SH		SOLE		1,439	0	4,800
Village Super Market	COM	927107409	3	122	SH		SOLE		122	0	0
Vishay Intertechnology Inc.	COM	928298108	110	7,700	SH		SOLE		7,700	0	0
Vonage Holdings Corp.	COM	92886T201	2	563	SH		SOLE		563	0	0
Voya Financial, Inc.	COM	929089100	1,548	39,600	SH		SOLE		2,400	0	37,200
W&T Offshore Inc.	COM	92922P106	1	87	SH		SOLE		87	0	0
W.R. Berkley Corp	COM	084423102	511	10,700	SH		SOLE		700	0	10,000
Wal-Mart Stores, Inc.	COM	931142103	3,846	50,300	SH		SOLE		34,200	0	16,100
Washington Trust Bancorp	COM	940610108	3	100	SH		SOLE		100	0	0
Wayside Technology Group	COM	946760105	2	100	SH		SOLE		100	0	0
Weis Markets Inc.	COM	948849104	2	55	SH		SOLE		55	0	0
West Corporation	COM	952355204	4	122	SH		SOLE		122	0	0
Western Refining, Inc.	COM	959319104	3	64	SH		SOLE		64	0	0
Western Union	COM	959802109	2,153	134,200	SH		SOLE		35,200	0	99,000
Westlake Chemical Corp	COM	960413102	5,576	64,400	SH		SOLE		21,700	0	42,700
Weyco Group Inc.	COM	962149100	2	63	SH		SOLE		63	0	0
Xcel Energy Inc	COM	98389B100	1,778	58,500	SH		SOLE		17,500	0	41,000
Xerox Corporation	COM	984121103	1,659	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