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	72	SH		SOLE		72	0	0
ACE Limited	COM	H0023R105	5,430	48,700	SH		SOLE		17,700	0	31,000
AFLAC Inc.	COM	001055102	2,298	35,900	SH		SOLE		0	0	35,900
Acco Brands Corporation	COM	00081T108	2	300	SH		SOLE		300	0	0
Activision Blizzard, Inc.	COM	00507V109	3,209	141,200	SH		SOLE		53,000	0	88,200
Adamas Pharmaceuticals, Inc.	COM	00548A106	2	100	SH		SOLE		100	0	0
Adams Resources & Energy	COM	006351308	6	86	SH		SOLE		86	0	0
Agco Corporation	COM	001084102	1,591	33,400	SH		SOLE		7,600	0	25,800
Alaska Air Group Inc	COM	011659109	668	10,100	SH		SOLE		2,400	0	7,700
Alexanders Inc.	COM	014752109	3	7	SH		SOLE		7	0	0
Alliant Energy Corp.	COM	018802108	1,493	23,700	SH		SOLE		3,200	0	20,500
Allstate Corporation	COM	020002101	619	8,700	SH		SOLE		0	0	8,700
Amcon Distributing Co	COM	02341Q205	2	25	SH		SOLE		25	0	0
Amdocs Limited	COM	G02602103	3,177	58,400	SH		SOLE		13,100	0	45,300
Amerco	COM	023586100	2,610	7,900	SH		SOLE		1,500	0	6,400
American Axle & Manufacturing	COM	024061103	3	122	SH		SOLE		122	0	0
American Capital Agency	COM	02503X105	252	11,800	SH		SOLE		0	0	11,800
American Financial Group	COM	025932104	4,555	71,000	SH		SOLE		16,000	0	55,000
American Intl Group, Inc.	COM	026874784	3,463	63,200	SH		SOLE		36,000	0	27,200
American Water Works	COM	030420103	1,220	22,500	SH		SOLE		2,400	0	20,100
Annaly Capital Mgmt.	COM	035710409	4,437	426,600	SH		SOLE		105,400	0	321,200
Aramark	COM	03852U106	443	14,000	SH		SOLE		10,800	0	3,200
Arch Capital Group Ltd.	COM	G0450A105	6,369	103,400	SH		SOLE		30,100	0	73,300
Arrow Electronics Inc	COM	042735100	9,509	155,500	SH		SOLE		44,200	0	111,300
Ascena Retail Group, Inc.	COM	04351G101	132	9,100	SH		SOLE		9,100	0	0
Assurant Inc.	COM	04621X108	2,714	44,200	SH		SOLE		11,500	0	32,700
Atwood Oceanics Inc	COM	050095108	6,682	237,700	SH		SOLE		47,300	0	190,400
AutoNation Inc.	COM	05329W102	3,995	62,100	SH		SOLE		18,000	0	44,100
Autobytel Inc.	COM	05275N205	1	100	SH		SOLE		100	0	0
Avnet Inc	COM	053807103	10,226	229,800	SH		SOLE		66,800	0	163,000
Aware Inc.	COM	05453N100	3	651	SH		SOLE		651	0	0
Axis Capital Holdings Ltd	COM	G0692U109	4,059	78,700	SH		SOLE		11,900	0	66,800
BB&T Corp	COM	054937107	1,591	40,800	SH		SOLE		0	0	40,800
BOK Financial Corp.	COM	05561Q201	3,477	56,800	SH		SOLE		14,200	0	42,600
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
Beasley Broadcast Group Inc.	COM	074014101	2	300	SH		SOLE		300	0	0
Bel Fuse cl B	COM	077347300	2	100	SH		SOLE		100	0	0
Benchmark Electronics, Inc.	COM	08160H101	1	41	SH		SOLE		41	0	0
Booz Allen Hamilton cl A	COM	099502106	4,813	166,300	SH		SOLE		54,200	0	112,100
Bridgepoint Education, Inc.	COM	10807M105	1	121	SH		SOLE		121	0	0
Brunswick Corporation	COM	117043109	808	15,700	SH		SOLE		6,900	0	8,800
Buckle Inc.	COM	118440106	2	47	SH		SOLE		47	0	0
CA, Inc.	COM	12673P105	14,296	438,400	SH		SOLE		126,200	0	312,200
CAI International, Inc.	COM	12477X106	7	301	SH		SOLE		301	0	0
CBRE Group Inc.	COM	12504L109	1,579	40,800	SH		SOLE		7,600	0	33,200
CDW Corporation	COM	12514G108	577	15,500	SH		SOLE		700	0	14,800
CIGNA Corporation	COM	125509109	8,414	65,000	SH		SOLE		19,800	0	45,200
CNA Financial Corporation	COM	126117100	5,071	122,400	SH		SOLE		26,100	0	96,300
CSS Industries Inc.	COM	125906107	2	62	SH		SOLE		62	0	0
CVR Energy, Inc.	COM	12662P108	1,404	33,000	SH		SOLE		6,900	0	26,100
Cal-Maine Foods Inc.	COM	128030202	2,412	61,742	SH		SOLE		12,642	0	49,100
Camden National Corp	COM	133034108	2	53	SH		SOLE		53	0	0
Campbell Soup Company	COM	134429109	1,220	26,200	SH		SOLE		2,600	0	23,600
Carnival Corp	COM	143658300	990	20,700	SH		SOLE		9,400	0	11,300
Celanese Corp.	COM	150870103	2,558	45,800	SH		SOLE		11,600	0	34,200
Central Pacific Financial Corp	COM	154760102	3	117	SH		SOLE		117	0	0
Century Bancorp cl A	COM	156432106	4	100	SH		SOLE		100	0	0
Chevron Corp	COM	166764100	8,167	77,800	SH		SOLE		31,500	0	46,300
Citizens & Northern Corp	COM	172922106	2	100	SH		SOLE		100	0	0
Community Health Systems	COM	203668108	340	6,500	SH		SOLE		0	0	6,500
Consumer Portfolio Services	COM	210502100	5	750	SH		SOLE		750	0	0
Corrections Corp of America	COM	22025Y407	149	3,700	SH		SOLE		3,700	0	0
Crawford & Co cl A	COM	224633206	4	500	SH		SOLE		500	0	0
Credit Acceptance Corp	COM	225310101	3	14	SH		SOLE		14	0	0
Crown Holdings, Inc.	COM	228368106	2,442	45,200	SH		SOLE		9,900	0	35,300
Crown Media Holdings Inc.	COM	228411104	2	400	SH		SOLE		400	0	0
Culp Inc.	COM	230215105	3	100	SH		SOLE		100	0	0
DST Systems Inc.	COM	233326107	6,056	54,700	SH		SOLE		14,100	0	40,600
DTE Energy Company	COM	233331107	1,961	24,300	SH		SOLE		200	0	24,100
Delisted	COM	170388102	2	27	SH		SOLE		27	0	0
Delta Air Lines, Inc.	COM	247361702	5,215	116,000	SH		SOLE		47,000	0	69,000
Dillards Inc cl A	COM	254067101	3,467	25,400	SH		SOLE		5,300	0	20,100
Discover Financial Services	COM	254709108	3,347	59,400	SH		SOLE		17,900	0	41,500
Donegal Group Inc. cl A	COM	257701201	2	135	SH		SOLE		135	0	0
Dynex Capital Inc.	COM	26817Q506	2	239	SH		SOLE		239	0	0
EMC Insurance Group	COM	268664109	3	100	SH		SOLE		100	0	0
EP Energy Corporation Cl A	COM	268785102	1,166	111,300	SH		SOLE		24,000	0	87,300
El Paso Electric Co.	COM	283677854	1	20	SH		SOLE		20	0	0
Electro Rent Corp	COM	285218103	1	123	SH		SOLE		123	0	0
Emmis Communications Inc	COM	291525103	1	600	SH		SOLE		600	0	0
Enstar Group Limited	COM	G3075P101	1	10	SH		SOLE		10	0	0
Entercom Communications	COM	293639100	1	100	SH		SOLE		100	0	0
Entergy Corp	COM	29364G103	1,713	22,100	SH		SOLE		5,300	0	16,800
Enterprise Financial Services	COM	293712105	2	100	SH		SOLE		100	0	0
Everest Re Group Ltd	COM	G3223R108	10,214	58,700	SH		SOLE		16,200	0	42,500
Exxon Mobil Corporation	COM	30231G102	11,348	133,500	SH		SOLE		51,200	0	82,300
FBL Financial Group cl A	COM	30239F106	1	16	SH		SOLE		16	0	0
FBR & Co.	COM	30247C400	2	67	SH		SOLE		67	0	0
Fifth Third Bancorp	COM	316773100	5,216	276,700	SH		SOLE		102,300	0	174,400
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 Defiance Financial	COM	32006W106	2	67	SH		SOLE		67	0	0
First Financial Corp (IN)	COM	320218100	4	100	SH		SOLE		100	0	0
First Interstate BancSystem A	COM	32055Y201	3	111	SH		SOLE		111	0	0
Five Star Quality Care	COM	33832D106	3	723	SH		SOLE		723	0	0
Flowserve Corporation	COM	34354P105	85	1,500	SH		SOLE		1,500	0	0
Foot Locker Inc	COM	344849104	145	2,300	SH		SOLE		2,300	0	0
Ford Motor Company	COM	345370860	2,621	162,400	SH		SOLE		127,700	0	34,700
Franklin Resources, Inc.	COM	354613101	1,427	27,800	SH		SOLE		1,300	0	26,500
Fresh Del Monte Produce	COM	G36738105	2	42	SH		SOLE		42	0	0
GAMCO Investors, Inc.	COM	361438104	3	38	SH		SOLE		38	0	0
Gannett Co. Inc.	COM	364730101	3,137	84,600	SH		SOLE		21,700	0	62,900
Gap Inc.	COM	364760108	1,447	33,400	SH		SOLE		0	0	33,400
General Electric Co	COM	369604103	849	34,200	SH		SOLE		13,300	0	20,900
Global Sources Ltd.	COM	G39300101	2	425	SH		SOLE		425	0	0
Goodyear Tire & Rubber	COM	382550101	154	5,700	SH		SOLE		0	0	5,700
Great Southern Bancorp	COM	390905107	5	116	SH		SOLE		116	0	0
Greenbrier Companies	COM	393657101	609	10,500	SH		SOLE		3,200	0	7,300
Hallador Energy Company	COM	406092304	4	331	SH		SOLE		331	0	0
Handy & Harman Ltd.	COM	410315105	4	101	SH		SOLE		101	0	0
Harris Corporation	COM	413875105	2,284	29,000	SH		SOLE		2,900	0	26,100
Hawaiian Telcom Holdco, Inc.	COM	420031106	5	188	SH		SOLE		188	0	0
Heartland Financial USA	COM	42234Q102	5	149	SH		SOLE		149	0	0
Henry Schein Inc.	COM	806407102	1,005	7,200	SH		SOLE		6,000	0	1,200
Homestreet Inc	COM	43785V102	4	231	SH		SOLE		231	0	0
Hormel Foods Corp	COM	440452100	2,860	50,300	SH		SOLE		17,200	0	33,100
Humana Inc.	COM	444859102	4,789	26,900	SH		SOLE		8,800	0	18,100
Hyster-Yale Materials Handling	COM	449172105	3	40	SH		SOLE		40	0	0
IBM Corp	COM	459200101	5,313	33,100	SH		SOLE		13,000	0	20,100
IDT Corp Class B	COM	448947507	3	188	SH		SOLE		188	0	0
ISIS Pharmaceuticals Inc.	COM	464330109	866	13,600	SH		SOLE		2,000	0	11,600
Illinois Tool Works Inc.	COM	452308109	1,467	15,100	SH		SOLE		2,700	0	12,400
Independence Holding Co.	COM	453440307	2	160	SH		SOLE		160	0	0
Ingles Markets cl A	COM	457030104	2	45	SH		SOLE		45	0	0
Ingram Micro Inc.	COM	457153104	1,324	52,700	SH		SOLE		8,000	0	44,700
Ingredion Incorporated	COM	457187102	2,607	33,500	SH		SOLE		3,900	0	29,600
Insight Enterprises, Inc.	COM	45765U103	3	120	SH		SOLE		120	0	0
Integrys Energy Group	COM	45822P105	4,314	59,900	SH		SOLE		13,000	0	46,900
Inter Tel Inc.	COM	458372109	7	237	SH		SOLE		237	0	0
International Bancshares	COM	459044103	3	116	SH		SOLE		116	0	0
JPMorgan Chase & Co	COM	46625H100	9,087	150,000	SH		SOLE		57,300	0	92,700
Jabil Circuit Inc.	COM	466313103	231	9,900	SH		SOLE		9,900	0	0
Jacobs Engineering Group	COM	469814107	1,102	24,400	SH		SOLE		5,300	0	19,100
John B Sanfilippo & Son Inc.	COM	800422107	2	57	SH		SOLE		57	0	0
Johnson Outdoors Inc.	COM	479167108	6	192	SH		SOLE		192	0	0
Jones Lang LaSalle Inc	COM	48020Q107	4,925	28,900	SH		SOLE		7,100	0	21,800
Kansas City Life Insurance	COM	484836101	3	67	SH		SOLE		67	0	0
Kemper Corp	COM	488401100	1	27	SH		SOLE		27	0	0
Key Tronic Corp	COM	493144109	1	100	SH		SOLE		100	0	0
Kite Realty Group Trust	COM	49803T300	2,792	99,100	SH		SOLE		17,500	0	81,600
Kohl's Corporation	COM	500255104	305	3,900	SH		SOLE		0	0	3,900
Kraft Foods Group Inc	COM	50076Q106	1,167	13,400	SH		SOLE		9,500	0	3,900
L-3 Communications	COM	502424104	3,799	30,200	SH		SOLE		6,900	0	23,300
Laboratory Corp of America	COM	50540R409	227	1,800	SH		SOLE		1,800	0	0
Lear Corporation	COM	521865204	13,232	119,400	SH		SOLE		32,600	0	86,800
M&T Bank Corp.	COM	55261F104	2,108	16,600	SH		SOLE		4,900	0	11,700
MFA Financial, Inc.	COM	55272X102	86	10,900	SH		SOLE		10,900	0	0
MGE Energy Inc.	COM	55277P104	2	55	SH		SOLE		55	0	0
Maiden Holdings Ltd.	COM	G5753U112	3	232	SH		SOLE		232	0	0
Mainsource Financial Grp	COM	56062Y102	4	200	SH		SOLE		200	0	0
Manpower Inc.	COM	56418H100	1,344	15,600	SH		SOLE		1,800	0	13,800
Marathon Petroleum Corp	COM	56585A102	287	2,800	SH		SOLE		0	0	2,800
Marcus Corporation	COM	566330106	1	52	SH		SOLE		52	0	0
Marlin Business Services Corp	COM	571157106	2	100	SH		SOLE		100	0	0
Montpelier Re Hldgs LTD	COM	G62185106	3	66	SH		SOLE		66	0	0
Moody's Corp.	COM	615369105	1,131	10,900	SH		SOLE		0	0	10,900
Mueller Industries, Inc.	COM	624756102	2	46	SH		SOLE		46	0	0
NACCO Industries Inc A	COM	629579103	6	108	SH		SOLE		108	0	0
Nabors Industries Ltd.	COM	G6359F103	430	31,500	SH		SOLE		7,400	0	24,100
National Beverage Corp	COM	635017106	3	109	SH		SOLE		109	0	0
National Healthcare Corp	COM	635906100	3	44	SH		SOLE		44	0	0
National Western Life Insuranc	COM	638522102	3	10	SH		SOLE		10	0	0
Nature's Sunshine Products	COM	639027101	2	142	SH		SOLE		142	0	0
Navient Corporation	COM	63938C108	7,077	348,100	SH		SOLE		77,500	0	270,600
Navigators Group Inc	COM	638904102	1	13	SH		SOLE		13	0	0
Nelnet Inc	COM	64031N108	514	10,870	SH		SOLE		2,370	0	8,500
Northrop Grumman Corp	COM	666807102	5,778	35,900	SH		SOLE		14,100	0	21,800
Nutraceutical Int'l Corp	COM	67060Y101	5	229	SH		SOLE		229	0	0
OceanFirst Financial	COM	675234108	2	126	SH		SOLE		126	0	0
One Liberty Properties Inc.	COM	682406103	3	135	SH		SOLE		135	0	0
Onebeacon Insurance Grp	COM	G67742109	3	187	SH		SOLE		187	0	0
Orbital ATK, Inc.	COM	68557N103	3,241	42,300	SH		SOLE		5,800	0	36,500
PBF Energy Inc cl A	COM	69318G106	7,466	220,100	SH		SOLE		63,200	0	156,900
PC Connection, Inc.	COM	69318J100	8	304	SH		SOLE		304	0	0
PCM, Inc.	COM	69323K100	2	200	SH		SOLE		200	0	0
PDL BioPharma, Inc.	COM	69329Y104	3,165	449,930	SH		SOLE		173,430	0	276,500
PHI, Inc. Non-Voting	COM	69336T205	3	100	SH		SOLE		100	0	0
PPL Corp	COM	69351T106	125	3,700	SH		SOLE		3,700	0	0
Papa Johns Intl Inc.	COM	698813102	5,031	81,400	SH		SOLE		18,000	0	63,400
Park National Corp OH	COM	700658107	3	40	SH		SOLE		40	0	0
PartnerRe Ltd.	COM	G6852T105	7,020	61,400	SH		SOLE		22,100	0	39,300
Patrick Industries Inc.	COM	703343103	3	43	SH		SOLE		43	0	0
Patterson Companies Inc	COM	703395103	7,206	147,700	SH		SOLE		47,200	0	100,500
Penske Automotive Group	COM	70959W103	4,099	79,600	SH		SOLE		16,200	0	63,400
Pilgrims Pride Corp	COM	72147K108	8,193	362,700	SH		SOLE		107,800	0	254,900
Pitney Bowes Inc.	COM	724479100	611	26,200	SH		SOLE		7,700	0	18,500
Polo Ralph Lauren Corp	COM	751212101	302	2,300	SH		SOLE		0	0	2,300
Preformed Line Products	COM	740444104	2	53	SH		SOLE		53	0	0
Principal Financial Group	COM	74251V102	4,187	81,500	SH		SOLE		19,600	0	61,900
Provident Financial Services	COM	74386T105	1	37	SH		SOLE		37	0	0
Public Service Enterprise Grp	COM	744573106	1,564	37,300	SH		SOLE		9,700	0	27,600
QCR Holdings, Inc.	COM	74727A104	2	100	SH		SOLE		100	0	0
Quintiles Transnation	COM	74876Y101	9,429	140,800	SH		SOLE		42,600	0	98,200
Raytheon Company	COM	755111507	743	6,800	SH		SOLE		4,800	0	2,000
Reinsurance Group of America	COM	759351604	10,186	109,300	SH		SOLE		35,000	0	74,300
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	2,426	35,200	SH		SOLE		26,300	0	8,900
Rockwell Collins Inc	COM	774341101	1,670	17,300	SH		SOLE		3,700	0	13,600
Ryder System Inc.	COM	783549108	2,790	29,400	SH		SOLE		6,900	0	22,500
SL Industries, Inc.	COM	784413106	2	50	SH		SOLE		50	0	0
Saga Communications Inc.	COM	786598300	2	52	SH		SOLE		52	0	0
Sally Beauty Holdings, Inc.	COM	79546E104	1,179	34,300	SH		SOLE		7,700	0	26,600
Sanderson Farms Inc.	COM	800013104	1,474	18,500	SH		SOLE		3,300	0	15,200
Santander Consmer USA Hdng Inc	COM	80283M101	7,370	318,500	SH		SOLE		98,500	0	220,000
Saul Centers Inc.	COM	804395101	3	55	SH		SOLE		55	0	0
Scana Corporation	COM	80589M102	2,370	43,100	SH		SOLE		22,700	0	20,400
Scripps Networks Interact.	COM	811065101	439	6,400	SH		SOLE		2,800	0	3,600
Seadrill Limited	COM	G7945E105	1,341	143,400	SH		SOLE		27,200	0	116,200
Select Medical Holdings Corp	COM	81619Q105	3	207	SH		SOLE		207	0	0
Seneca Foods cl A	COM	817070501	2	65	SH		SOLE		65	0	0
ServisFirst Bancshares, Inc.	COM	81768T108	2	66	SH		SOLE		66	0	0
Shiloh Industries Inc.	COM	824543102	2	160	SH		SOLE		160	0	0
Sirva Inc	COM	82967Y104	1	59	SH		SOLE		59	0	0
Southern Copper Corp.	COM	84265V105	3,475	119,100	SH		SOLE		55,200	0	63,900
Southern MO Bancorp	COM	843380106	2	109	SH		SOLE		109	0	0
Span-America Medical	COM	846396109	2	100	SH		SOLE		100	0	0
Sparton Corporation	COM	847235108	2	73	SH		SOLE		73	0	0
Stag Industrial Inc.	COM	85254J102	1,882	80,000	SH		SOLE		16,100	0	63,900
Standard Pacific Corp	COM	85375C101	3	336	SH		SOLE		336	0	0
Starz Series A Liberty Capital	COM	85571Q102	2,003	58,200	SH		SOLE		14,100	0	44,100
Stepan Company	COM	858586100	3	80	SH		SOLE		80	0	0
Sun Communities Inc.	COM	866674104	4,971	74,500	SH		SOLE		24,600	0	49,900
SunTrust Banks, Inc.	COM	867914103	9,553	232,500	SH		SOLE		60,000	0	172,500
Symetra Financial Corp	COM	87151Q106	3	145	SH		SOLE		145	0	0
Synnex Corp	COM	87162W100	379	4,900	SH		SOLE		0	0	4,900
Syntel Inc.	COM	87162H103	4	68	SH		SOLE		68	0	0
TESSCO Technologies, Inc.	COM	872386107	4	174	SH		SOLE		174	0	0
TRC Companies Inc.	COM	872625108	5	542	SH		SOLE		542	0	0
Taubman Centers Inc.	COM	876664103	1,034	13,400	SH		SOLE		1,700	0	11,700
TeleTech Holdings Inc	COM	879939106	3	114	SH		SOLE		114	0	0
Terreno Realty Corporation	COM	88146M101	274	12,000	SH		SOLE		1,100	0	10,900
Textainer Group Hldgs Ltd.	COM	G8766E109	3	100	SH		SOLE		100	0	0
Third Point Reinsurance Ltd.	COM	G8827U100	3	200	SH		SOLE		200	0	0
Thomson Reuters Corp	COM	884903105	1,606	39,600	SH		SOLE		12,600	0	27,000
Tilly's, Inc.	COM	886885102	8	500	SH		SOLE		500	0	0
Timken Company	COM	887389104	2,575	61,100	SH		SOLE		13,600	0	47,500
Towne Bank	COM	89214P109	4	258	SH		SOLE		258	0	0
Trans World Entertainment	COM	89336Q100	2	500	SH		SOLE		500	0	0
Trinity Industries, Inc.	COM	896522109	1,364	38,400	SH		SOLE		8,800	0	29,600
Triple-S Management Corp	COM	896749108	4	200	SH		SOLE		200	0	0
Twenty-First Cent Fox Inc Cl A	COM	90130A101	623	18,400	SH		SOLE		0	0	18,400
Tyson Foods Inc	COM	902494103	3,210	83,800	SH		SOLE		10,200	0	73,600
UFP Technologies, Inc.	COM	902673102	2	66	SH		SOLE		66	0	0
UGI Corporation	COM	902681105	420	12,900	SH		SOLE		3,700	0	9,200
United States Lime & Minerals	COM	911922102	1	13	SH		SOLE		13	0	0
United Stationers, Inc.	COM	913004107	1	20	SH		SOLE		20	0	0
Universal Corporation	COM	913456109	1	28	SH		SOLE		28	0	0
Universal Truckload Services	COM	91388P105	1	50	SH		SOLE		50	0	0
Urstadt Biddle Prop cl A	COM	917286205	1	47	SH		SOLE		47	0	0
VSE Corporation	COM	918284100	2	26	SH		SOLE		26	0	0
Village Super Market	COM	927107409	5	172	SH		SOLE		172	0	0
Visteon Corp	COM	92839U206	1,880	19,500	SH		SOLE		4,600	0	14,900
41	COM	929089100	4,755	110,300	SH		SOLE		33,800	0	76,500
Wal-Mart Stores, Inc.	COM	931142103	7,345	89,300	SH		SOLE		34,900	0	54,400
Washington Trust Bancorp	COM	940610108	4	100	SH		SOLE		100	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
West Corporation	COM	952355204	3	96	SH		SOLE		96	0	0
Western Refining, Inc.	COM	959319104	3,431	69,476	SH		SOLE		22,176	0	47,300
Western Union	COM	959802109	2,580	124,000	SH		SOLE		28,500	0	95,500
Weyco Group Inc.	COM	962149100	2	63	SH		SOLE		63	0	0
World Fuel Services Corp	COM	981475106	1,075	18,700	SH		SOLE		4,300	0	14,400
Xcel Energy Inc	COM	98389B100	4,651	133,600	SH		SOLE		54,500	0	79,100
Xerox Corporation	COM	984121103	1,353	105,300	SH		SOLE		73,100	0	32,200
ZAIS Financial Corp.	COM	98886K108	2	100	SH		SOLE		100	0	0
ePlus Inc.	COM	294268107	6	74	SH		SOLE		74	0	0